REPORT FOR THE 1ST QUARTER 2005

HIGHLIGHTS FOR THE 1ST QUARTER

- FOE had revenues of 570.3 million during the quarter
- EBITDA for the quarter was 121.0 million
- Operating loss after depreciation (EBIT) was 27.0 million
- New drilling contracts for Bredford Dolphin and Borgsten
Dolphin
- New accommodation contract for Borgholm Dolphin in April
- Sale of treasury shares for 262.3 million
- The strengthening of the offshore markets continue