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Dolphin Drilling AS Earnings Release 2010

Oct 29, 2010

Earnings Release

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Figures in NOK

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

DEPRECIATION (EBITDA) OF 1,060 MILLION FOR THE 3rd QUARTER 2010

HIGHLIGHTS FOR THE 3rd QUARTER 2010

· Revenues were 1,657 million

· EBITDA was 1,060 million

· Operating profit (EBIT) was 722 million

· Profit before tax was 770 million

· Earnings per share were 11.3Bredford Dolphin secured a two-well

drilling contract for 2011