Report for the 2nd quarter 2018 and the 1st half year 2018

Figures in USD

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF -51 MILLION FOR THE 2ND QUARTER 2018 AND -20 MILLION FOR THE 1ST HALF YEAR 2018

HIGHLIGHTS FOR THE 2ND QUARTER 2018

  • Revenues were 17 million

  • EBITDA was negative 51 million

  • Impairment of 97 million

  • Operating profit (EBIT) was negative 202 million

  • Profit before tax was negative 208 million

  • Earnings per share were negative 3.12 

  • Blackford Dolphin commenced contract in May

  • The waiver with financial creditors expired end June

Post quarter event:

  • The Company stops its service of interest and amortizations to its financial creditors to preserve liquidity

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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