REPORT FOR 4TH QUARTER 2007 AND PRELIMINARY RESULTS FOR 2007

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING
PROFIT BEFORE DEPRECIATION (EBITDA) OF 498.0
MILLION FOR THE 4TH QUARTER 2007 AND EBITDA OF
1,954.8 MILLION FOR THE YEAR

HIGHLIGHTS FOR THE 4TH QUARTER
-Revenues were 1,110.5 million.
-EBITDA was 498.0 million
-Operating profit (EBIT) was 349.4 million
-Profit before tax was 317.0 million
-Earnings per share were 4.6
-Belford Dolphin secured new three years contract
from 2010
-Byford Dolphin secured new six months contract
-Borgholm Dolphin secured new 65 days contract
-Bideford Dolphin commenced three years contract
with StatoilHydro
-Proposed ordinary dividend payment of NOK 10 per
share
-Proposed extraordinary dividend payment of NOK 15
per share

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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