Dolphin Drilling AS - Major Shareholding Notification 2015

NOTIFICATION OF SUBSTANTIAL SHAREHOLDING

KKR Credit Advisors (US) LLC, acting in the capacity

as discretionary investment manager to underlying

funds, acquired on 10 September 2015 299,833 shares

of Fred Olsen Energy ASA (FOE NO) in the name of

relevant funds listed below resulting in an aggregate

holding of 3,567,809 shares equalling 5.3495% per

cent of the issued shares and votes in Fred Olsen

Energy ASA (FOE NO) at the time of the transaction.

As of 10 September 2015, funds managed by KKR Credit

Advisors (US) LLC have a total holding of 3,567,809

shares equalling 5.3495% per cent of the current

issued shares and votes in Fred Olsen Energy ASA (FOE

NO). The aggregate shareholding is divided among

managed funds as set out below:

Legal entity: Shareholding: %

Cortland Investors II S.a.r.l 1,976,068 2.9629%

Maryland State Retirement and

Pension System 38,750 0.0581%

Lyon Investors S.a.r.l. 1,552,991 2.2385%

Aggregated: 3,567,809 5.3495%

This disclosure is made pursuant to section 4-3 of

the Norwegian Securities Trading Act.

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