Dolphin Drilling AS — Earnings Release 2016

Jul 14, 2016

Report for the 2nd quarter 2016 and the 1st half year 2016

Report for the 2nd quarter 2016 and the 1st half year 2016

Figures in USD

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

(EBITDA) OF 143 MILLION FOR THE 2nd QUARTER 2016 AND 282 MILLION FOFR THE FIRST

HALF YEAR 2016.

HIGHTLIGHTS FOR THE 2nd QUARTER 2016

· Revenues were 219 million

· EBITDA was 143 million

· Impairment of 159 million

· Operating profit (EBIT) was negative 96 million

· Profit before tax was negative 107 million

· Earnings per share were negative 1.7

· Repayment of bond loan FOE 04 in May 2016

· Statoil suspends Bideford Dolphn for third quarter 2016