Fred. Olsen Energy Appoints New CEO

Mr. Ivar Brandvold (53) has been appointed Chief Executive Officer of Fred. Olsen Energy ASA. He succeeds Mr. Helge Haakonsen who has reached his retirement age after having been the company's CEO since its formation in 1997. Ivar Brandvold currently holds the position as Chief Operating Officer of DNO International ASA. He has previously 23 years of experience from Norsk Hydro ASA, of which he has held a number of positions within the company's oil and gas activities, including the overall responsibility for Norsk Hydro's global drilling operations from 2002 to 2007. Ivar Brandvold has a Master of Science degree from The Norwegian Institute of Science and Technology (NTNU) in Trondheim, Norway. The date of commencement in his new assignment will be agreed.

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