REPORT FOR THE 4TH QUARTER 2004

FOE had revenues of 569.5 million during the quarter
- EBITDA for the quarter was 107.8 million
- Operating loss after depreciation (EBIT) was 50.7 million
- Net profit before taxes was 122.2 million
- New drilling contract for Byford Dolphin signed
- Borgland Dolphin completed its 5 years class Renewal
Service
- The growth in demand for offshore drilling services
continues

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