CONTRACT FOR THE WIND INSTALLATION VESSEL "BRAVE TERN"

A subsidiary of Fred. Olsen Windcarrier AS, which is indirectly owned
50/50 by Bonheur ASA and Ganger Rolf ASA, has entered into a contract
for the specialized transport and installation vessel for offshore wind
turbines "Brave Tern" with the Belgian offshore company GeoSea NV.
Duration of the contract is six months with scheduled commencement in
June 2012. The contract value is approximately EUR 27.5 million. Brave
Tern is currently under construction at the Lamprell ship yard in Dubai
with scheduled delivery in 2nd quarter 2012.