Dolphin Drilling AS — Earnings Release 2013

Feb 11, 2014

Report for the 4th quarter 2013 and preliminary results for 2013

Report for the 4th quarter 2013 and preliminary results for 2013

Figures in NOK

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

DEPRECIATION (EBITDA) OF 704 MILLION FOR THE 4TH QUARTER 2013 AND EBITDA

OF 3,358 MILLION FOR THE YEAR 2013

HIGHLIGHTS FOR THE QUARTER

· Revenues were 1,804 million

· EBITDA were 704 million

· Operating profit (EBIT) was 340 million

· Profit before tax was 299 million

· Earnings per share were 4.0

· 572 days drilling contract for Blackford Dolphin in the UK

Post quarter events:

· Proposed dividend payment of NOK 10 in ordinary dividend and an

extraordinary divident of NOK 10 per share