Report for the 2nd quarter 2014 and the 1st half year 2014

Figures in USD

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF USD 107 MILLION FOR THE 2nd QUARTER 2014 AND USD 209 MILLION FOR THE FIRST HALF YEAR 2014 HIGHLIGHTS FOR THE 2nd QUARTER 2014'

• Revenues were 273 million

• EBITDA was 107 million

• Operating profit (EBIT) was 19 million

• Profit before tax was 16 million

• Earnings per share were 0.10

• Established new USD 2 billion bank credit facility

• Successful start-up of the newbuild Bolette Dolphin

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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