Dolphin Drilling AS — Capital/Financing Update 2018

Nov 27, 2018

Refinancing update

Refinancing update

Reference is made to previous communications with regards to the ongoing

refinancing efforts of Fred. Olsen Energy ASA ("FOE").

Further to the stock exchange communication dated 22 November 2018, the

potential buyer of the Bolette Dolphin has withdrawn from the sales process

given the significant change in oil and equity prices coupled with the

uncertainty around the restructuring and sale process. Therefore, at present,

FOE's restructuring proposal as set out in the stock exchange communication is

not viable.

FOE will consider other restructuring alternatives in dialogue with its key

stakeholders.

Contact: Ivar Brandvold, CEO, (+47) 22 34 10 00 Hjalmar Krogseth Moe, CFO, (+47)

22 34 10 00

This information is subject of the disclosure requirements according to the

Norwegian Securities Trading Act section §5-12.