Fred Olsen Production said its strategic review potentially involving a sale or merger will be concluded by mid-year. The company said that only four lease contracts were awarded last year - the lowest level since 2004 - and that projects in West Africa remain very limited. However it said there was an "improved inquiry flow towards the end of 2012 and new mid-si/c discoveries by 'bankable' oil companies indicating a long awaited recovery of this market".
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