Regulatory News:

Figures in NOK

FRED. OLSEN ENERGY ASA (FOE)(OSE:FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF 889 MILLION FOR THE 4TH QUARTER 2011AND EBITDA OF 3,541 MILLION FOR THE YEAR 2011

HIGHLIGHTS

· Revenues were 1,682 million

· EBITDA were 889 million

· Operating profit (EBIT) was 542 million

· Profit before tax was 516 million

· Earnings per share were 8.0

· Belford Dolphin - secured new four-year contract

· Bolette Dolphin - secured a four-year contract

· Borgsten Dolphin - secured a 40 months Tender Support Vessel contract

· Bredford Dolphin – Lundin exercised three optional wells

· Proposed dividend payment of NOK 10 in ordinary dividend and an extraordinary dividend of NOK 10 per share

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Contacts:

Fred. Olsen Energy ASA
Sølvi van Spronsen
Telephone: + 47 22 34 12 43
E-mail: svs@fredolsen.no