Norway: Lunde to Resign as CEO of Fred.Olsen Production

June 20, 2011

The Board of Fred Olsen Production ASA informs that Mårten Lunde will resign as CEO of the Company on 31 July 2011.

The Board has decided to appoint CFO Jørn Røkaas as acting CEO as from 1 August.

The Board regrets Lunde’s decision to leave the company and will thank him for his contribution to the development of Fred. Olsen Production.

Company Information

The activities of Fred. Olsen Production ASA and its subsidiaries (the Group) consist of the operation and ownership of a fleet of three Floating Production, Storage and Offloading (FPSO) units, one production jack-up (MOPU) and one Aframax tanker. An FPSO unit is operating offshore fields for the production of oil and/or gas.

FPSOs are typically constructed by installing oil and gas processing systems onto the deck of either an existing crude oil tanker vessels or a new build tanker hull. FPSOs are suitable for most offshore regions throughout the world. They are normally moored to the seabed through a spread mooring system, however when situated in areas with sever weather conditions they are moored by a turret mooring system which allows the vessel to freely rotate with ocean- and wind forces. The major advantages of FPSOs are cost efficiency in combination with high mobility, large storage capacity and production versatility.

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Source:Fred.Olsen Production , June 20, 2011;