Hitt og þetta 27. september 2006

Ganger Rolf ASA - Fred. Olsen Production - possible contract

Fred.Olsen Production AS, a wholly owned subsidiary of First Olsen which in turn, is owned 50/50 by Bonheur ASA and Ganger Rolf ASA, is in an advanced stage of negotiations for a lease of its FPSO Knock Taggart for operations in West Africa. Knock Taggart has been under contract to Addax Petroleum since 1998 and was de-mobilised from its current location in Nigeria earlier this week. The possible new contract has a fixed period of 2 years with an option structure to be finally agreed. Subject to final agreements and relevant board approvals, the vessel will transit to a shipyard for repair and upgrade in preparation for a start up in Q3 2007.

For further information please contact managing director Paal Hylin, phone +47 22341173 / +47 90516702