Dolphin Drilling AS - Capital/Financing Update 2018

Refinancing update

Reference is made to previous market communication with regards to the ongoing

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

As part of the refinancing process, FOE has received indicative, unbinding

proposals for the refinancing of FOE backed by different equity investors. The

proposals indicate the establishment of a solid financial platform for FOE based

on new equity financing, a full equitisation of FOE's outstanding bond debt, as

well as a part conversion of FOE's secured debt. The proposals indicate a

valuation of the existing share capital and bond debt of FOE in the total amount

of up to approximately 10 MUSD. FOE will continue its discussions with its key

stakeholders, and note that the proposals remain subject to change following

such discussions.

The Fred. Olsen Energy group's operations will otherwise continue in their

ordinary course. All suppliers and trade creditors will be paid in the ordinary

course of business.

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.

AI assistant