Fred. Olsen Energy ASA: Report for the 2nd Quarter 2011 and the First Half Year 2011

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

Fred. Olsen Energy ASA (OSE:FOE):

Figures in NOK

FRED. OLSEN ENERGY ASA (FOE) REPORTS AN OPERATING PROFIT BEFORE DEPRECIATION (EBITDA) OF 929 MILLION FOR THE

2ndQUARTER 2011 AND 1,692 MILLION FOR THE FIRST HALF YEAR 2011

HIGHLIGHTS FOR THE 2ndQUARTER 2011

· Revenues were 1,629 million

· EBITDA was 929 million

· Operating profit (EBIT) was 633 million

· Profit before tax was 579 million

· Earnings per share were 8.6

· New six-well drilling contract for Bredford Dolphin

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