REPORT FOR THE 2ND QUARTER 2005

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HIGHLIGHTS FOR THE 2ND QUARTER

- FOE had revenues of 614.5 mill. during the quarter
- EBITDA for the quarter was 150.7 mill.
- Operating profit after depreciation (EBIT) was 2.5 mill.
- New accommodation support contract for Borgholm Dolphin
- Extension of drilling contract for Bredford Dolphin
- Class renewal surveys of Borgsten Dolphin and Belford
Dolphin
- Acquisition of Ocean Liberator, renamed Blackford Dolphin
for USD 14 mill.
- Strong market rates