CONVERTIBLE BONDS IN FOE

Please see information on www.newsweb.noConvertible bonds in FOE

Fred.Olsen Energy ASA (FOE) has offered the
bondholders in its convertible bond loan (FOE 02
4.5% 2004/09) to participate in a rights issue
subject to such bondholders waiving their
conversion rights under the terms of the said
bond loan. The rights issue will be based on a
price of NOK 68.- per share, equal to the
conversion price under the terms of the bonds.
The 4.5% bond loan will mature on the original
maturity date of 30th March 2009.

Total outstanding under the FOE 4.5% 2004/09
bond loan as of 30th March 2006 was NOK 362,8
million. Ganger Rolf ASA holds a part of these
bonds with a nominal value of NOK 149,8
million. Ganger Rolf has today accepted the
offer from FOE. This implies that Ganger Rolf
will participate in FOE`s rights issue with a
subscription for 2.202.882 shares at a price of
NOK 68, representing a subscription amount of
NOK 149,8 million.
The rights issue has a scheduled completion in
June and following the rights issue, Ganger Rolf
will own a total of 20.314.382 shares in FOE.

Contact person: CFO Mårten Lunde phone:
+4722341006