Soeker Extends Knock Dee Contract

Fred Olsen Production A.S. has entered into an agreement with Soekor E & P for an extension of the charter of the FSO/shuttle tanker Knock Dee. Following scheduled docking and class work during November and December 2001, the vessel will recommence operations under the new extension in January 2002. The extension expires on 31st January 2003 and Soekor has certain options to extend the charter beyond this date. Under the terms of the extension the bare boat rate is increased from US $14,400 per day to US $20,000 per day during the firm period.