Q1 2013 RESULT

Revenues in Q1 2013 were USD 29.3 million (USD 26.9 million in Q1 2012) with an EBITDA of USD 12.2 million (USD 10.3 million). After depreciation of USD 5.6 million (USD 7.1 million) the operating result (EBIT) was USD 6.6 million (USD 3.2 million).

The net financial expenses were USD 0.9 million (USD 1.1 million). The result before tax was USD 5.6 million (USD 2.1 million). Profit after estimated tax was USD 3.5 million (USD 0.3 million).

About Us

Fred. Olsen Production ASA (FOP) is listed on the Oslo Stock Exchange (trades under the ticker "FOP") and has been active in the offshore oil & gas production business since 1994. FOP’s first day of listing was May 11th 2007. First Olsen Ltd. (FOL), a company owned 50% by Ganger Rolf ASA and 50% by Bonheur ASA is the main shareholder with 61.5% of the outstanding shares.