NEW DRILLING CONTRACT FOR BREDFORD DOLPHIN

Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA has subject final approvals entered into a Letter of Award for the provision of the semi submersible drilling rig Bredford Dolphin with an AGR coordinated group of four oil companies for operation on the Norwegian Continental Shelf. The contract is for an eight well drilling campaign with an estimated duration of 570 days, with commencement in direct continuation with current contract.  

The operators have the right to extend the contract period with four additional wells within 30th of June 2013. Subject to execution of the first four optional wells, the operators have the right to extend the contract with minimum additional five wells within contract commencement.  

The estimated contract value for the firm period is approximately USD 252 million.


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