First Olsen Ltd. holds 57.7% of the shares in Fred Olsen Production after the share issue. The shares in Fred Olsen Production will be listed on the OTC-market in Oslo. As previously announced Fred. Olsen Production envisages a listing on the Oslo Stock Exchange during 2007.
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 contract with option for up to 10 additional years, with Canadian Natural Resources (CNR) for operation offshore Gabon.
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