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Q1 2007 RESULTS

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Fred.Olsen Production ASA revenues were USD 15.6
mill (USD 15.7 mill) in 1Q 2007 with an
EBITDA of USD 4.3 mill (USD 7.7 mill). The
lower EBITDA is mainly attributed to reduced
operation capacities as two units were marketed
for redeployment.The net financial result was
negative USD 4.6 mill due to currency exchange
loss of USD 3.4 mill. The result before tax was
negative USD 3.8 mill (positive USD 7.0 mill).

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