As previously announced on = the 9th December 2011 Fred=2E Olsen Production ASA, on behalf of a joint v= enture to be established with Marubeni Corporation, Japan, entered into = a letter of intent with PetroVietnam Technical Services Corporation, Vie= tnam, relating to contracts for the construction and installation and su= bsequent chartering of an FPSO for the Thang Long & Dong Do oil fiel= ds offshore Vietnam=2E The letter of intent, with subsequent extensions an= d amendments, has now expiredwith= out the parties having concluded the contracts=2E

Contact person; CEO Eirik Barclay + 47= 22 34 12 76

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