REPORT FOR THE 4TH QUARTER 2005 AND PRELIMINARY RESULTS

HIGHLIGHTS FOR THE 4TH QUARTER
- Revenues were 897.9 million
- EBITDA was 343.0 million
- Operating profit before other items was
187.5 million
- Operating profit (EBIT) was 153.8 million
- Result before tax was 67.8 million
- Net profit was 27.9 million
- New contracts during the second half of
the year resulted in higher revenues and costs
- New contracts secured for Bulford
Dolphin, Byford Dolphin, Borgholm Dolphin,
Bredford Dolphin and Borgsten 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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