Refinancing of credit facility

Fred. Olsen Energy ASA has signed a new six year bank credit facility of
up to USD 2.000 million. The credit facility will be used to repay
existing bank loan, full-finance the newbuild Bollsta Dolphin and for
general corporate purposes. The facility is provided by a group of
international banks and GIEK/Eksportkreditt; with Nordea, ING, ABN Amro,
Danske Bank, DNB, Handelsbanken, SEB and Swedbank as Mandated Lead
Arrangers.