Dolphin Drilling AS — AGM Information 2010

May 26, 2010

Fred. Olsen Energy ASA

Annual General Meeting

26 May 2010

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Fred. Olsen Energy ASA

• Founded in 1997
• Listed on Oslo Stock Exchange (ticker: FOE.OL)
• The fleet:
• 1 Ultra Deepwater DP Drillship – 10 000 ft water depth
• 1 Deepwater Semi-submersible – 7 000 ft water depth
• 6 Medium Water Semi-submersible Drilling Rigs
• 1 UK certified Semi-submersible Accommodation Unit
• Harland & Wolff Shipyard
• Enterprise value as at May'10: approx. NOK 18.7 bn (USD 2.9 bn)
• Net interest bearing debt as per 1Q 2010: approx. NOK 5.4 bn
• Number of shares: 66.7 mill. (Fully diluted: 66.7 mill.)
• Market capitalisation: approx. NOK 13.3 bn (NOK 200/share)

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3

Offshore drilling EBITDA and margin

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4

ACTIVE SUPPLY AND DEMAND WORLDWIDE

FLOATERS

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Global floater fleet and newbuilds

5

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6

Fred. Olsen Energy operating worldwide

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Contract schedule as per 26 May 2010

	2009	2010	2011	2012	2013	2014
Belford	Anadarko		Anadarko
Blackford	Tullow 2)	Reliance
Bideford	Statoil		Statoil
Borgland	Statoil		Consortium
Bredford	AGR Group	3) 3)
Borgny			Petrobras
Byford	Senergy		BP
Borgsten	Maersk	1)
Borgholm	BG

1) Hurricane Exploration PLC
2) Vitol Upstream Ghana Ltd.
Upgrade Yard / Class renewal survey Mobilisation Option

Average contract length: 25 months

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8

Deepwater – Africa/India

Belford Dolphin

• Completed three-year drilling contract with Anadarko April 2010
• Commenced new three-year drilling contract with Anadarko April 2010
• Currently in Mozambique
• Completed five-year class renewal survey in November 2009

Blackford Dolphin

• Currently operating offshore on the east cost of India
• Three-year contract with Reliance Industries Ltd. in India including the contract with Tullow Oil and Vitol Upstream Ghana Ltd.
• Next five-year class renewal survey in 3Q 2013

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9

Norway

Bideford Dolphin

• Operating for Statoil under a three-year drilling contract offshore Norway expiring January 2011
• New three-year drilling contract from January 2011 with Statoil
• Five-year class renewal survey completed July 2009

Borgland Dolphin

• Commenced operating under a four year drilling contract with consortium of eight oil companies managed by RMN (Rig Management Norway) in January 2010
• Five-year class renewal survey completed in December 2009

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Norway / United Kingdom

Bredford Dolphin

• Three-year contract through AGR for 7 operators in Norway, commenced in June 2007
• A new one well contract (90 days) with RWE Dea Norway is estimated to commence mid 2010, followed by another one well contract (60 days) with RWE Dea Norway in direct continuation
• Five-year class renewal survey and upgrade completed in June 2007

Borgholm Dolphin

• Accommodation unit with 600 bed capacity. Class renewal survey completed in January 2008
• Completed an accommodation contract with BG Group mid December 2009.
• The unit is currently in Invergordon and is available for new assignments.

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11

United Kingdom (cont.)

Byford Dolphin

• Commenced three-year drilling contract with BP Exploration in April 2010
• Five-year class renewal survey and upgrade completed in April 2010

Borgsten Dolphin

• Commenced two wells contract, estimated to 75 days, with Hurricane Exploration PLC mid May 2010
• Five-year class renewal survey and upgrade completed in May 2010

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12

Brazil

Borgny Dolphin

• Commenced operation under a five-year drilling contract with Petrobras in Brazil, expiring September 2013
• Completed five year class renewal survey and upgrade in April 2010 and commenced operation mid May.

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Harland & Wolff

• Focus on ship repair, ship building, steel fabrication and engineering services
• Holds a Waste Management License for ship demolition
• The yard area is serving as a logistics and assembly base for offshore windfarms
• This will be a focus area for the future, in addition to ship building and ship repair

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14

Summary

• Operational:
• Byford Dolphin commenced 3 years drilling contract with BP

• Renewal Surveys and Upgrade projects finalized

• Market:

• New 3 years drilling contract for Bideford Dolphin
• Average contract duration: Approximately 25 months
• Increased enquiries- and tendering activity with new fixtures in Norway and other areas