There's been much speculation about the 22-year-old midfielder since news broke of our interest in the Norwegian media two and a half weeks ago. By then he was already training with us and had played in behind closed doors games with the development squad.
He's definitely one for the future as the length of the contract would indicate and manager Sean Dyche said after the deal had been completed: "Fredrik is someone who came into the club to spend some time with us earlier this year.
"We liked what we saw and he has gained some good experience playing in the league in Norway. It's a new challenge for him now, not only on the pitch but off it too in terms of culture.
"He has gained a full international cap and is learning and gaining experience all the time. We will be looking for him to continue his development and improve further as a midfielder.
"There will be an adjustment period, for sure, because of the change in the levels of football. We know how tough the Premier League is, so he will be given time to adjust to that accordingly and continue his development."
Ulvestad has previously played for his hometown club Aalesunds FK for whom he has played 106 games, in which he has scored 14 times. He's also featured for his club in the Europa League and has been capped by his country.
He's played 14 times at under-21 level and twice for their under-23 team and then made his full debut in a friendly against United Arab Emirates in August last year, coming on at half time for Jone Samuelsen.
He opted not to renew his contract at the end of the 2014 Tippeligaen season and was much in demand, particularly from German clubs, but he's opted for Turf Moor and, whilst not being ready just yet for Premier League action, will strengthen our options in midfield.