Dolphin Drilling AS — Earnings Release 2009

Feb 17, 2010

Report for the 4th quarter 2009 and preliminary results for 2009

Report for the 4th quarter 2009 and preliminary results for 2009

Figures in NOK

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE

DEPRECIATION (EBITDA) OF 530 MILLION FOR THE 4TH QUARTER 2009 AND EBITDA

OF 3,981 MILLION FOR THE YEAR

HIGHLIGHTS

. Revenues were 1,128 million.

. EBITDA were 530 million

. Operating profit (EBIT) was 292 million

. Profit before tax was 256 million

. Earnings per share were 3.7

. Borgsten Dolphin entered into a Letter of Intent for a 75 days

drilling contract

. Bredford Dolphin secured a 60 days drilling contract

. Revenues impacted by class Renewal Survey of 5 drilling units

. Proposed dividend payment of NOK 10.-