Result of voluntary offer

NOT FOR DISTRIBUTION IN OR INTO CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

Dated: 3 September 2013

Reference is made to the offer document dated 4 July 2013 (the "Offer Document"), issued by Yinson Production Limited (the "Offeror"), relating to its voluntary tender offer (the "Offer") to acquire all outstanding shares (the "Shares") in Fred. Olsen Production ASA (the "Company" or "FOP").

The acceptance period in the Offer expired at 18:00 (CET) on 2 September 2013.The Offeror has received acceptances of the Offer for a total of 102,797,421 Shares in the Offer (including the pre-acceptance by First Olsen Ltd), equalling 97.0% of the outstanding Shares and votes in FOP. Consequently, the Offeror controls 102,797,421 Shares, representing approximately 97.0% of the shares and votes in the Company. As previously reported, this means that the condition for completion of the Offer set out in section 3.3 (a) (acceptance level) of the Offer Document has been met. The numbers cited above are preliminary, and may be subject to adjustments. Except for the Shares in the Company for which the Offeror has received acceptances for the Offer, the Offeror and related parties do not hold other shares or rights to shares in the Company.

The terms and remaining conditions (being the conditions of the Offer other than those previously reported to have been met or waived) of the Offer are set out in the Offer Document. In accordance with section 3.3 (Conditions for completion of the Offer) of the Offer Document, the Offeror will issue a notification through the Oslo Stock Exchange as soon as each of the remaining conditions for completion of the Offer has been met, waived or failed to be met.

In the event that the Offeror has not announced that all conditions for completion of the Offer have been met or waived by 18:00 hours (CET) on 29 November 2013 (the "Drop-Dead Date"), the Offer will not be completed and shareholders who have tendered their Shares will be released from their acceptances of the Offer.

Arctic Securities ASA act as Receiving Agent in respect of the Offer, and Financial Advisor to the Offeror.

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The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. The Offeror does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This information is subject to the disclosure requirements set out in section 6-19 of the Norwegian Securities Trading Act.