Refinancing update

Reference is made to previous market communication with regards to the ongoing refinancing efforts of Fred. Olsen Energy ASA ("FOE").

As part of the refinancing process, FOE has received indicative, unbinding proposals for the refinancing of FOE backed by different equity investors. The proposals indicate the establishment of a solid financial platform for FOE based on new equity financing, a full equitisation of FOE's outstanding bond debt, as well as a part conversion of FOE's secured debt. The proposals indicate a valuation of the existing share capital and bond debt of FOE in the total amount of up to approximately 10 MUSD. FOE will continue its discussions with its key stakeholders, and note that the proposals remain subject to change following such discussions.

The Fred. Olsen Energy group's operations will otherwise continue in their ordinary course. All suppliers and trade creditors will be paid in the ordinary course of business.

Contact: Ivar Brandvold, CEO, (+47) 22 34 10 00 Hjalmar Krogseth Moe, CFO, (+47) 22 34 10 00

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section §5-12.

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