Fred. Olsen Ocean Ltd. ("FOO"), a wholly owned subsidiary of Bonheur ASA, have
entered into an agreement with MEAG MUNICH ERGO Asset Management GmbH ("MEAG"),
acting on behalf of affiliates of Munich Re Group, for an investment of EUR 150
million in its wholly owned subsidiary Fred. Olsen Windcarrier ASA ("FOWIC")
(the "Transaction").

The Transaction includes EUR 70 million for the acquisition of existing shares
from FOO at the initial closing and EUR 80 million for the subscription of new
shares in FOWIC. Of this amount, EUR 30 million will be subscribed at the
initial closing, while the remaining EUR 50 million will be subscribed at a
second closing in the third quarter of 2027.

Prior to the initial closing, FOWIC will distribute an extraordinary dividend of
EUR 54 million to FOO. FOO will use part of these proceeds to provide a
short-term shareholder loan of EUR 29 million to FOWIC.

The Transaction values FOWIC's pre-money equity, including the extraordinary
dividend, at approximately EUR 600 million.

Following the second closing, affiliates of Munich Re are expected to hold
approximately 24 percent of FOWIC's share capital.

This partnership combines FOWIC's strong industrial and financial position with
MEAG's expertise as one of Europe's leading infrastructure investors, with the
aim of accelerating growth and further developing the company.

The Transaction is subject to clearance by the German Federal Cartel Office.
Initial closing is expected by the end of January 2026.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to the Norwegian Securities Trading Act section 5-12. This stock exchange
announcement was published by Øyvind Engesrønning, VP Finance in Fred. Olsen &
Co. AS, on 19 December 2025 at 21:22 CET.