Report for the 2nd quarter 2010 and the first half year 2010

Figures in NOK

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE
DEPRECIATION (EBITDA) OF 971 MILLION FOR THE 2nd QUARTER 2010 AND 1,597
MILLION FOR THE FIRST HALF YEAR 2010

HIGHLIGHTS FOR THE 2nd QUARTER 2010

* Revenues were 1,634 million
* EBITDA was 971 million
* Operating profit (EBIT) was 654 million
* Profit before tax was 519 million
* Earnings per share were 7.7
* Borgholm Dolphin secured nine months accommodation contract in 2011
* Borgsten Dolphin secured additional 45 days work