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Regulatory press release

Fred. Olsen Windcarrier - Contract updates

Bonheur
Fred. Olsen Windcarrier (FOWIC) has recently executed three new contracts and
reservation agreements with a combined revenue of up to EUR 80m. The contracts
will cover approximately 300 days in 2022 and 200 days in 2023, in both Europe
and APAC. Two contracts are linked to projects where FOWIC is already involved.
 Following these new contracts, FOWIC's total revenue backlog stands at approx.
EUR 355m of which 18% is linked to options. The yearly distribution of the
backlog is 2022: EUR 152m, 2023: EUR 126m and 2024: EUR 77m.

In accordance with the previously announced vessel upgrade program, a firm order
for a new 1600t crane for Brave Tern is now placed with Huisman. The
installation on the vessel is expected to be completed in 2024. Separately,
 ongoing installation and upgrade work on Bold Tern at Keppel Fels is
progressing according to plan and budget. The upgrade program will secure
continued strong competitiveness of FOWIC's three existing vessels also for the
next generations of turbines coming to the market.
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