FLOATING PRODUCTION CORR*

*See attachment at www.newsweb.noWith reference to the press release dated 19th January
Bonheur ASA (`Bonheur`) and Ganger Rolf ASA (`Ganger Rolf`)
announce that it is decided to change the legal entity Fred
Olsen Production AS into ASA and reorganize the corporate
structure in connection with the planned private placement
and subsequent stock listing of Fred Olsen Production ASA.
All business units in floating production will be organized
and fully owned directly under Fred Olsen Production ASA.

An opening balance sheet has been established for Fred
Olsen Production ASA with this new structure (enclosure).

Fred Olsen Production intends to do a Private Placement of
new shares of up to USD 200 million based on a `pre-money`
valuation range of the equity in the company of USD 250-290
million. The Private Placement will be marketed towards
Norwegian and International professional investors. Fred
Olsen Production ASA expects to be listed on the Oslo Stock
Exchange within 1H 2007. The company has engaged ABG Sundal
Collier as financial advisor and Manager.

Fred Olsen Production is among the leading operators of
floating production installations with long experience and
a strong market position in a market with good growth
prospects. The company owns and operates 5 FPSO/FSO units.
The fleet will be expanded with one additional unit in 2007
through the conversion of the suezmax tanker Knock Allen to
an FPSO unit before commencing a 10 year, plus option for
10 additional years, contract with Canadian Natural
Resources (CNR). The ship will be on location offshore
Gabon for this contract.

Additional information, contact Managing Director in First
olsen , Per - Oscar Lund, phone + 47 22 34 11 81 or + 47
907 80 254


Oslo, January 29, 2007