Fred. Olsen Energy ASA: Report for the 1st Quarter 2011

OSLO, Norway--(BUSINESS WIRE)--Regulatory News:

Fred. Olsen Energy ASA (OSE:FOE)

Figures in NOK

HIGHLIGHTS

• Revenues were 1,479 million
• EBITDA was 763 million
• Operating profit (EBIT) was 447 million
• Profit before tax was 383 million
• Earnings per share were 5.6
• New four-well drilling contract for Borgsten Dolphin

Post quarter events:

• New ultra deepwater drillship ordered from Hyundai Heavy Industries Co., Ltd in April
• Completed bond issue of NOK 1.400 million in May
• New one-well Letter of Intent for Blackford Dolphin in April
• New three-well Letter of Intent for Blackford Dolphin in April

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