We demonstrate a chromium-doped forsterite femtosecond ring laser that generates 30-fs pulses at a 420-MHz repetition rate with nearly 500 mW of average power. The compact solid-state design and broad spectral output make this laser attractive for telecommunications applications in the 1.3-1.5-micrometre region. Additional spectral broadening of the laser output in highly nonlinear optical fiber leads to octave-spanning spectra ranging from 1.06 to 2.17 micrometre. The octave is reached at a level of 18 dB below the peak. The underlying optical frequency comb can be linked to existing optical frequency standards.