REPORT FOR 4TH QUARTER 2007 AND PRELIMINARY RESULTS FOR 2007

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING
PROFIT BEFORE DEPRECIATION (EBITDA) OF 498.0
MILLION FOR THE 4TH QUARTER 2007 AND EBITDA OF
1,954.8 MILLION FOR THE YEAR

HIGHLIGHTS FOR THE 4TH QUARTER
-Revenues were 1,110.5 million.
-EBITDA was 498.0 million
-Operating profit (EBIT) was 349.4 million
-Profit before tax was 317.0 million
-Earnings per share were 4.6
-Belford Dolphin secured new three years contract
from 2010
-Byford Dolphin secured new six months contract
-Borgholm Dolphin secured new 65 days contract
-Bideford Dolphin commenced three years contract
with StatoilHydro
-Proposed ordinary dividend payment of NOK 10 per
share
-Proposed extraordinary dividend payment of NOK 15
per share