Dolphin Drilling AS - Capital/Financing Update 2018

Fred Olsen Energy ASA - Update

As informed in the Q1 2018 report Fred Olsen Energy ASA (the "Company") has,

together with its financial and legal advisors, continued the dialogue with its

stakeholders, including representatives of the secured and unsecured financial

creditors and their advisors, with a view to evaluate alternatives to improve

the financial situation of the Company.

The Company's financial creditors have waived the financial covenants of the

Company's financing agreements up until 30th June 2018. The Company is seeking

an extension to the existing waivers. A waiver request for the FOE05 bond loan

will be sent to Nordic Trustee as soon as a waiver from the secured lenders is

obtained.

It is expected that a long term solution may 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.

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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