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Q4 2007 RESULTS AND PRELIMINARY YEAR END RESULT 2007

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Q4 2007 RESULTS AND PRELIMINARY YEAR END RESULT 2007

Fred.Olsen Production ASA 4Q 2007 revenues were USD 16.7 million (USD
18.1 million in 4Q 2006) with an EBITDA of USD 4.3 million (USD 4.1
million). The net financial expenses were USD 1.4 million (USD 0.3
million). The result before tax was negative USD 1.2 million (negative
USD 0.3 million).

For the year 2007 revenues were USD 66.8 million (USD 64.9 million for
2006) with an EBITDA of USD 20.7 million (USD 25.3 million excluding
capital gain of USD 16.7 million related to the sale of MOPU Borgen
Dolphin). Net financial expenses were USD 6.5 million (USD 3.8
million). The preliminary result after estimated tax for 2007 was
negative USD 3.1 million (positive USD 28.2 million including the
capital gain).

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