Dolphin Drilling AS — Earnings Release 2016

Feb 15, 2017

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF 97 MILLION FOR THE 4TH QUARTER 2016

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF 97 MILLION FOR THE 4TH QUARTER 2016

HIGHLIGHTS FOR THE QUARTER

· Revenues were 157 million

· EBITDA were 97 million

· Impairment of 11 million

· Operating profit (EBIT) was 22 million

· Profit before tax was 19 million

· Earnings per share were 0.15

· Covenant waiver request approved by the banks

Post quarter event

· Contract extension for Bideford Dolphin

· Contract extension for Blackford Dolphin

· Waiver request for the bond loan FOE05 approved by the bondholders