Refinancing update

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

Further to the stock exchange communication dated 22 November 2018, the potential buyer of the Bolette Dolphin has withdrawn from the sales process given the significant change in oil and equity prices coupled with the uncertainty around the restructuring and sale process. Therefore, at present, FOE's restructuring proposal as set out in the stock exchange communication is not viable.

FOE will consider other restructuring alternatives in dialogue with its key stakeholders.

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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