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SPIN OFF FLOATING PRODUCTION

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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 investors. Fred
Olsen Production ASA expects to be listed on the
Oslo Stock Exchange during 2007. The company has
engaged ABG Sundal Collier as financial advisor
and Manager
See www.newsweb.noWith reference to previous notice to the Stock
Exchange dated 19th January Bonheur ASA
(`Bonheur`) and Ganger Rolf ASA (`Ganger Rolf`)
announce that it has been decided to change the
legal identity of Fred Olsen Production AS into
an ASA in connection with the planned spin off,
private placement and subsequent stock listing
of Fred Olsen Production ASA. The entire
floating production business will be organized
and fully owned directly under Fred Olsen
Production ASA.

A proforma opening balance sheet has been
established for Fred Olsen Production ASA
according to 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 investors. Fred
Olsen Production ASA expects to be listed on the
Oslo Stock Exchange during 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 Allan into an FPSO unit
before commencing a 10 year, option 10
additional years, contract with Canadian Natural
Resources (CNR). The ship will be on location
offshore Gabon for this contract.

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

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