Off the Table: Fred Olsen Terminates Agreement for FPSO Knock Taggart

In August, Fred. Olsen Production (FOP) reported that it had entered into an agreement with GGPC Gabon (EOV) Limited, a 100% owned subsidiary of Bowleven Plc (BL) for the provision of FPSO Knock Taggart for the East Orovinyare field offshore Gabon.

Final contract was subject to confirmation of contract from BL before December 15, 2008 -- such confirmation has not been given by BL. The contract is consequently terminated. FOP will in the next few days consider available near term opportunities for the FPSO Knock Taggart in the market.