Dolphin Drilling AS - Capital/Financing Update 2018

Company update

Reference is made to previous stock exchange notices by Fred. Olsen Energy ASA

(the "Company") in connection with the refinancing of the Company.

Constructive discussions are continuing with the financial creditors. It is

expected that a long term solution will require new equity and amendments to the

Company's bank and bond facilities, potentially implying impairments of debt, in

order to secure a viable financial foundation for the purpose of safeguarding

the Company's position in the market.

In order to preserve the liquidity reserves of the Fred. Olsen Energy group, the

Company has resolved to stop its service of interest and amortizations to its

financial creditors with effect from today. It follows that the Company will not

make the payment of an instalment payable under its senior facilities agreement

today.

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.

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