RESULT OF THE OFFERING

The initial public offering of Fred. Olsen
Production ASA in relation to the listing on the
Oslo Stock Exchange has been successfully
completed. The offering was priced at NOK 26 per
share. Fred. Olsen Production will issue 1,930,000
new shares, raising gross proceeds of approx. NOK
50 million.

For further information, please contact:

Per-Oscar Lund, Chairman of the Board
Tel: +47 22341181 / +47 90780254

For full information see www.newsweb.noNot for distribution to United States news
services or for dissemination in the United States
or elsewhere where such dissemination is not
appropriate.


The initial public offering of Fred. Olsen
Production ASA in relation to the listing on the
Oslo Stock Exchange has been successfully
completed. The company attracted 839 new retail
shareholders in the offering. The offering was
priced at NOK 26 per share. Fred. Olsen Production
ASA will issue 1,930,000 new shares, raising gross
proceeds of approx. NOK 50 million. The final
offer price implies a market capitalisation of the
company of approx. NOK 2.75 billion after the
offering.

After completion of the offering Fred. Olsen
Production ASA will have 105,930,000 shares
outstanding and approx. 1,000 shareholders.

The shares in Fred. Olsen Production ASA are
expected to trade on Oslo Børs from on or about
Friday 11 May 2007. The shares will trade on Oslo
Børs under the ticker symbol `FOP`.

ABG Sundal Collier acted as lead manager and
bookrunner to the IPO and DnB NOR Markets acted as
co-lead manager in the offering.

Notices regarding allotment will be issued on 10
May, and the transfer of shares is expected to
take place on or about 15 May. The transfer of
shares is dependent on the payment conditions as
described in the prospectus dated 25 April 2007.
The completion of the offering and allocation is
subject to that Fred. Olsen Production ASA`s
general meeting passes a resolution to increase
the company`s share capital on 10 May 2007.

Investors who have questions to the allotment, may
contact ABG Sundal Collier or DnB NOR Markets.

For further information, please contact:

Per-Oscar Lund, Chairman of the Board
Tel: +47 22341181 / +47 90780254

__________________
Fred. Olsen Production is a leading floating
production operator focusing on benign waters.
Fred. Olsen Production indirectly owns and
operates five FPSO/FSO units, out of which one
FPSO is owned in a 50/50 partnership. The fleet
will be expanded with one additional FPSO in 2007
through a tanker conversion. Please see
www.fpso.no for further information.

Important notice:
This notice is issued pursuant to the requirements
of Norwegian law and Oslo Børs and is not intended
to be an offer to sell the securities. This notice
may not be relied upon by any person to whom it
was not intended to be provided. The notice is not
an offer of securities for sale in the United
States, and the offering will not be made
available to US investors or investors in the
United Stated. Securities may not be offered or
sold in the United States absent registration or
an exemption from registration under the U.S.
Securities Act of 1933, as amended. Fred. Olsen
Production ASA has not registered, and does not
intend to register, any portion of the offering in
the United States.