REPORT FOR 2ND QUARTER 2007

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING
PROFIT BEFORE DEPRECIATION (EBITDA) OF 509.4
MILLION FOR THE 2ND QUARTER 2007

HIGHLIGHTS FOR THE 2ND QUARTER

- Revenues were 1036.6 million
- EBITDA was 509.4 million
- Operating profit (EBIT) was 397.4 million
- Net profit was 381.9 million
- Belford Dolphin commenced three-year
contract with Anadarko
- Borgny Dolphin secured five-year contract
with Petrobras
- Bredford Dolphin commenced three-year
contract with DPT
- Bulford Dolphin relocated and contract
agreed terminated
- Capital expenditure for upgrade of
Blackford Dolphin and Bredford Dolphin
significantly increased
- Paid out dividend of NOK 10 per share in
June