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STRATEGIC COOPERATION AGREEMENT WITH MARUBENI CORPORATION

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Fred. Olsen Production ASA has entered into a
strategic cooperation agreement with Marubeni
Corporation of Japan where the parties have agreed
to work together for identifying and executing
FSO/FPSO projects in certain countries in the
South East Asia region (China, Vietnam, Cambodia &
Thailand).

For full information see www.newsweb.noFred. Olsen Production ASA has entered into a
strategic cooperation agreement with Marubeni
Corporation of Japan where the parties have agreed
to work together for identifying and executing
FSO/FPSO projects in certain countries in the
South East Asia region (China, Vietnam, Cambodia &
Thailand). It is expected that the region will see
a strong demand for FSO/FPSO services in the
period ahead, and FOP sees this alliance as a tool
for faster market penetration in the area.

Contact person:
COO Paal Hylin, phone +47 22 34 10 00
mob no. +47 90 51 67 02
SVP Asle Bjørnstad, phone +47 22 34 10 00
mob no. +47 90 09 22 30

Fred. Olsen Production ASA is a leading floating
production operator. Fred. Olsen Production
indirectly owns and operates five FSO/FPSO units
out of which one FPSO is owned in a 50/50
ownership. The fleet will be expanded by one
additional unit in 2007 when the tanker Knock
Allan will be converted to an FPSO. A presentation
of the company is found at www.fpso.no.

Marubeni Corporation is one of Japan`s leading
international trading and investment companies,
conducting its operations through a global
business network of 13 offices in Japan and 121
offices in 72 overseas countries. Marubeni trades
in a broad range of industrial, agricultural and
consumer goods, commodities and natural
resources. Marubeni is also well known for its
enterprise and successful track record in the
implementation of major capital projects
worldwide. As of the fiscal year ended on March
31, 2007, Marubeni`s net income was equivalent to
Japanese Yen 119.3 billion and total assets were
Japanese Yen 4,873.3 billion. For more
information, please visit www.marubeni.com.