Bonheur and Ganger Rolf intend to continue their strong engagement within floating production and intend to maintain a majority owning interest in Fred.Olsen Production. Further expansion is envisaged financed by a combination of increased equity and debt.
Fred. Olsen Production is a leading operator within floating production with extensive experience and strong market position in a growing market. Fred. Olsen Production owns and operates five FPSO/FSO units. The fleet will be increased with one additional unit later in 2007 by the conversion of the suezmax tanker Knock Allan into an FPSO for a contract with Canadian Natural Resources for operations in Gabon.
Marten Lunde will leave his present position as CFO in Fred. Olsen & Co and be appointed President and CEO in Fred. Olsen Production, with Paal Hylin as Executive Vice President and COO.
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