REPORT FOR 3Q 2005

HIGHLIGHTS FOR THE 3RD QUARTER

- Revenues of 800.2 million
- EBITDA was 305.9 million
- Operating profit after depreciation
(EBIT) was 139.4 million
- Net result was 109.7 million
- New contracts secured for Belford
Dolphin, Bideford Dolphin, Borgland Dolphin,
Borgsten Dolphin and Bulford Dolphin with a
total contract value of USD 978 million
- All units in operation except Blackford
Dolphin which has commenced a deepwater
upgrade program with scheduled delivery spring
2007

About Us

Fred. Olsen Energy ASA (the Company) is listed on the Oslo Stock Exchange and provides exploration and production services to the offshore oil and gas industry building on 150 years experience in shipping and more than 35 years in offshore drilling. The Company focuses on rewarding long term customer relationships where innovative and integrated solutions are presented to the benefit of our customers, shareholders and employees.

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