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Regulatory press release

Refinancing update

Read the release

As part of the refinancing process, FOE has presented to its stakeholders a new refinancing proposal for FOE, comprising the following key elements:

1. The sale of the company's drilling unit Bolette Dolphin.
2. The issuance of new equity in the amount of approximately 130-140 MUSD in consideration of approximately 89% of FOE's share capital, post refinancing.
3. The issuance of new loan capital in the amount of approximately 90 MUSD.
4. The settlement of all outstanding secured debt by a payment of approximately 580 MUSD, in addition to certain minor payments depending on the value of certain additional assets (subject to further discussion).
5. The settlement of all outstanding bond debt by a conversion of such debt into equity representing approximately 10% of FOE's share capital, post refinancing (representing a value of approximately 15 MUSD), in addition to certain minor payments depending on the value of certain additional assets (subject to further discussion).
6. The existing shares of the company will represent approximately 1% of the share capital post restructuring (representing a value of approximately 1.5 MUSD).

Following such refinancing, FOE will continue as a four drilling unit company (including Blackford Dolphin, Bideford Dolphin, Borgland Dolphin and Byford Dolphin).  

FOE will continue its discussions with its key stakeholders with the aim of securing the necessary support for its implementation, and note that the proposal remains subject to change following such discussions.

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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