NEW DRILLING CONTRACT FOR BREDFORD DOLPHIN

Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Award for the provision of the semi-submersible drilling rig Bredford Dolphin with Lundin Norway AS for operation on the Norwegian Continental Shelf. The contract is for a six well drilling program with an estimated duration of one year, with commencement January 2012. Lundin have the option to extend the contract period with three additional wells within 30th of November 2011. The estimated contract value for the firm period is approximately USD 133 million. 


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