Fred. Olsen terminates FPSO contract

Fred. Olsen Production (FOP) has terminated its agreement with GGPC Gabon (EOV) Ltd. for the provision of FPSO Knock Taggart for the East Orovinyare field offshore Gabon.

Offshore staff

OSLO -- Fred. Olsen Production (FOP) has terminated its agreement with GGPC Gabon (EOV) Ltd. for the provision of FPSO Knock Taggart for the East Orovinyare field offshore Gabon.

The operator failed to confirm the contract between the parties by the deadline of Dec. 15, according to FOP. As such, the contract terminated. FOP says it will consider near term opportunities for the FPSO in the market.

12/17/2008

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