Dolphin Drilling AS — AGM Information 2016

Oct 24, 2016

FRED. OLSEN ENERGY ASA

On 24 October 2016 an Extraordinary General Meeting of Fred. Olsen Energy ASA was held at Fred. Olsens gate 2, Oslo.

1) Opening of the Extraordinary General Meeting by the Chairman of the Board

The Chairman of the Board, Anette Olsen, opened the Extraordinary General Meeting.

2) Election of a chairman for the meeting and one attending Shareholder to sign the minutes together with the Chairman and approval of the notice of the Extraordinary General Meeting and the Agenda Anette Olsen was elected to chair the meeting.

Jan Erik Bjoner was appointed to sign the protocol together with Anette Olsen.

It was advised that the summons to this Extraordinary General Meeting had been sent by ordinary mail to all shareholders with known addresses within the timeline set and as otherwise required by law.

There were no objections to the summons or the agenda and the Chairman declared the Extraordinary General Meeting duly convened.

2 shareholders had met at the Extraordinary General Meeting, which together represented 37,836,380 of the Company's outstanding shares. Reference is in this respect made to the summary attached to this protocol.

There had been procured valid proxies for 35,341,916 shares.

3) Election of a new Board Director

With 37,284,672 votes against 551,708 votes Richard Olav Aa was elected as a new Board Director.

The protocol was approved and the meeting adjourned.

Antenul