REPORT FOR 2Q 2009 AND FIRST HALF YEAR 2009

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF 1,150 MILLION FOR THE 2nd QUARTER 2009 AND 2,601 MILLION FOR THE FIRST HALF YEAR 2009 HIGHLIGHTS FOR THE 2nd QUARTER 2009 • Revenues were 1,873 million • EBITDA was 1,150 million • Operating profit (EBIT) was 907 million • Profit before tax was 900 million • Earnings per share were 13.1 • Bredford Dolphin secured new 90 days contract