Report for the 1st quarter 2014

Figures in USD

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE
DEPRECIATION (EBITDA) OF USD 102 MILLION IN 1Q 2014

HIGHLIGHTS

· Revenues were 278 million
· EBITDA was 102 million
· Operating profit (EBIT) was 39 million
· Profit before tax was 25 million
· Earnings per share were 0.35

· Change of reporting currency to USD
· New bond loan - NOK 1.100 million
· Bolette Dolphin delivered 21st February 2014