Report for the 1st quarter 2012

Figures in NOK

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF 844 MILLION IN 1Q 2012

HIGHLIGHTS

• Revenues were 1,606 million
• EBITDA was 844 million
• Operating profit (EBIT) was 506 million
• Profit before tax was 395 million
• Earnings per share werew 5.6
• Lundin exercised optional well for Bredford Dolphin