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SALE OF VESSEL

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Knock Taggart II Pte Ltd, a wholly owned subsidiary of Fred. Olsen Production ASA, has entered into an agreement to sell the 1993 built aframax tanker M/T Knock Muir. The vessel is scheduled to be delivered to Indonesian buyers by 20th July 2011. The sale is estimated to give an accounting loss of about US$ 1.3 million which will be recorded in Q3 2011.

Fred. Olsen Production group intends to secure access to alternative vessel(s) for conversion for upcoming projects.

Contact persons; CFO Jørn T. Røkaas; phone + 47 22 34 10 00