With reference to previous notice to the Stock Exchange dated January 19th where Bonheur ASA and Ganger Rolf ASA announced 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.
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.
Most Popular Articles