Addax Extends Contract for Knock Taggart FPSO

Addax Petroleum Development (Nigeria) Limited has elected to exercise the option to extend the present contract for the FPSO Knock Taggart by 2 years from June 2004, according to Fred Olsen Energy. The value of the contract extension is approximately US $36 million. Knock Taggart has been operating for Addax at the OPL 98 field offshore Nigeria since 1999.