FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF 97 MILLION FOR THE 4TH QUARTER 2016

HIGHLIGHTS FOR THE QUARTER

· Revenues were 157 million
· EBITDA were 97 million
· Impairment of 11 million
· Operating profit (EBIT) was 22 million
· Profit before tax was 19 million
· Earnings per share were 0.15
· Covenant waiver request approved by the banks

Post quarter event

· Contract extension for Bideford Dolphin
· Contract extension for Blackford Dolphin
· Waiver request for the bond loan FOE05 approved by the bondholders