FO PRODUCTION -M/T KNOCK ALLAN AND FPSO KNOCK TAGGART

Allan Pte. Ltd., a 100 % subsidiary of First
Olsen Ltd., which is wholly owned by Ganger Rolf
ASA and Bonheur ASA, has concluded an agreement
with CNR International (Olowi) Limited for
employment of M/T Knock Allan as FPSO for the
Olowi project offshore Gabon.
We also refer to the announcement of 27 Sep this
year of a possible new contract for FPSO Knock
Taggart. The assumptions for such contract have
ceased.
See www.newsweb.no for further information.Allan Pte. Ltd., a 100 % subsidiary of First
Olsen Ltd., which is wholly owned by Ganger Rolf
ASA and Bonheur ASA, has concluded an agreement
with CNR International (Olowi) Limited for
employment of M/T Knock Allan as FPSO for the
Olowi project offshore Gabon.

Conversion works will start in the third quarter
of 2007 and the vessel will continue to operate
in the tanker market until then. Start- up at
the Olowi field is scheduled for October 2008.
The FPSO will have an oil processing capacity of
35.000 bpd, gas compression facilities of 85
mmscfd and a power generation capacity of 26 MW.

Under the contract Fred. Olsen Production will
also be responsible for operating and
maintaining 4 well head platforms in addition to
the FPSO.

The duration of the contract is 10 years with
CNR having an option to extend for an additional
period of up to 10 years.

The contract is estimated to give an EBITDA
contribution of about USD 27 million per year
during the fixed term of the contract.

We also refer to the announcement of 27
September this year of a possible new contract
for FPSO Knock Taggart. The assumptions for such
contract have ceased and consequently the
negotiations have terminated.

For additional information: Per-Oscar Lund, ph.
+ 47 22 34 11 81/ +47 90 78 02 54