REPORT FOR THE 1ST QUARTER 2010

REPORT FOR THE 1ST QUARTER 2010

Figures in NOK

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE
DEPRECIATION (EBITDA) OF 626 MILLION FOR THE 1 ST QUARTER 2010

HIGHLIGHTS

. Revenues were 1,197 million.
. EBITDA was 626 million
. Operating profit (EBIT) was 390 million
. Profit before tax was 306 million
. Earnings per share were 4.4
. New 3 years drilling contract for Bideford Dolphin
. Byford Dolphin commenced 3 years drilling contract with BP