1. Fred. Olsen Energy ASA 3Q 2005 presentation 26 October 2005

2. AGENDA FINANCIAL RESULT 3Q05 MARKETS OPERATIONS SUMMARY AND OUTLOOK

3. Income Statement – Key Figures

4. Financial Items Breakdown

5. Offshore Drilling Segment

6. Engineering & Fabrication Segment

7. Consolidated Balance Sheet

8. Consolidated Cash Flow

9. Offshore drilling EBITDA and margin

10. FINANCIAL RESULT 3Q05 MARKETS OPERATIONS SUMMARY AND OUTLOOK

12. < 3000 ft. > 3000 ft.

15. Floaters fleet and newbuilds Additional units in the pipeline

16. FINANCIAL RESULT 3Q05 MARKETS OPERATIONS SUMMARY AND OUTLOOK

17. Fred. Olsen Energy operating worldwide Borgny Byford Borgsten Bredford Borgholm Bideford Borgland Belford Blackford Bulford

18. Contract schedule (26 October 2005) Bideford (4G) Bredford (2G) Borgland (4G) Borgny (2G) Bulford (2G) (Owned by FOL) Borgholm (Acc) Byford (2G) Borgsten (2G) Belford (5G DS) StatoilStatoil HydroHydro 20052006200720082009 PemexPemex PemexPemex ONGCONGC VariousVarious CNRCNR HydroHydro StatoilStatoil Average contract length: 21 months (Ex. Blackford) ChevronChevron Option TotalTotalPeakPeak ShellShell Blackford (2G) EquatorEquator Anadarko to Jan. 2010 Statoil to Jan. 2010 CNRCNR EquatorEquator Deepwater upgrade

19. India Belford Dolphin Continued operations for ONGC offshore India to early 2007 Operating on the East side of India 3-years contract with Anadarko from early 2007 Five-year class renewal survey completed Has extensive operating experience in ultra deepwater (3000m) operations

20. Norway Bideford Dolphin Operating for Norsk Hydro offshore Norway Contract extended to mid 2007 Five-year class renewal survey completed in June 2004 Borgland Dolphin Operating for Statoil offshore Norway Contract with Statoil renewed from January 2007 to January 2010 Five-year class renewal survey completed in December 2004

21. West Africa/Mexico Bulford Dolphin (Owned by FOL, operating in FOE pool) Mobilisation for contract, offshore West Africa for Equator Contract duration to May/June 2007 Borgny Dolphin Operating under a 4-years drilling contract with Pemex Contract duration to January 2008

22. United Kingdom Byford Dolphin Completed its class RS and upgrading at Harland & Wolff in February 2005 14 months drilling contract with CNR, commenced February 2005 Options for 2 wells at improved rates Estimated available November 06 Borgsten Dolphin Completed its class RS and upgrading at Harland & Wolff in May 2005 5 months drilling contract for Chevron, commenced July 2005 3 months drilling contract for CNR commencing January 2006 Estimated available April 06

23. United Kingdom (cont.) Bredford Dolphin 6 months contract for Peak Well Management, commenced June 2005 Estimated available January 06 Borgholm Dolphin Aker H-3 accommodation rig with 600 bed capacity. Class renewed and accommodation refurbished in 2002 6-8 months contract for Shell U.K. Ltd., commenced July 2005

24. Blackford Dolphin - Deepwater upgrade 7 000 ft water depth 30 000 ft drilling depth 21’’ Deepwater Riser 15 ppg Mud Weight 15k, 18 ¾’’ BOP 120 berths (2-men Cabins) Engineering frozen All major equipment ordered Upgrade cost estimated to USD 300 million Target delivery spring 2007

25. Harland & Wolff Company continues to focus on ship repair, steel fabrication and engineering services Currently supporting installation of an offshore wind farm for MPI

26. Summary and outlook Continuing demand for offshore drilling units Secured contracts for USD 978 million in 3Q05 All units in operations (ex. Blackford Dolphin) Average contract duration: 21 months Deepwater upgrade of Blackford Dolphin Well positioned to benefit from continued strong offshore markets