Dolphin Drilling AS — Earnings Release 2014

May 7, 2014

Report for the 1st quarter 2014

Report for the 1st quarter 2014

Figures in USD

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

DEPRECIATION (EBITDA) OF USD 102 MILLION IN 1Q 2014

HIGHLIGHTS

· Revenues were 278 million

· EBITDA was 102 million

· Operating profit (EBIT) was 39 million

· Profit before tax was 25 million

· Earnings per share were 0.35

· Change of reporting currency to USD

· New bond loan - NOK 1.100 million

· Bolette Dolphin delivered 21st February 2014