Dolphin Drilling AS — Capital/Financing Update 2017

Jan 26, 2017

Covenant waivers approved by bondholders

Covenant waivers approved by bondholders

Reference is made to the announcements on 12 January 2017 and 15 December 2016,

where Fred. Olsen Energy ASA ("FOE" or the "Company") inter alia summoned a

bondholders' meeting in the Company's bond issue FOE05 with an intention to

temporarily waive certain covenants in the bond agreement.

The bondholders' meeting was held today. The proposal including inter alia the

covenant waivers as proposed in the summons letter dated 12 January 2017 were

supported by a qualified majority and thus duly approved.

For questions regarding the above, please contact:

Hjalmar Krogseth Moe, CFO Fred. Olsen Energy, + 47 22 34 12 49