Dolphin Drilling AS — Capital/Financing Update 2014

Feb 13, 2014

Fred. Olsen Energy ASA - New contemplated bond issue

Fred. Olsen Energy ASA - New contemplated bond issue

Fred. Olsen Energy ASA is contemplating to issue a new 5 year senior

unsecured bond in the Norwegian market. The proceeds will be used for

general corporate purposes.

Danske Bank Markets, DNB Markets, SEB and Swedbank are acting as Joint

Lead Managers for the issuance.

For further information, please contact:

Fred. Olsen Energy ASA

Hjalmar Krogseth Moe

Chief Financial Officer

Telephone: +47 22 34 12 49

Jannicke Nergaard Berg

Finance Manager

Telephone: + 47 22 34 12 41

Oslo, February 13 2014

This information is subject of the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.