Yes! Apparently, the penguin was already the Colonel-in-Chief of the Norwegian army, and now he will evermore be called sir.
The proclamation is especially good:
"We, being well satisfied with loyalty, courage, and good endowments of our trusty and well-beloved Nils Olav and reposing entire trust and confidence in you, as a penguin, in every way qualified to receive the honor and dignity of knighthood, and the office aforesaid..."
If you follow that link, there's video.