Borgsten Dolphin - Early termination

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into an early termination agreement with Total E&P UK for the tender support vessel Borgsten Dolphin which will result in a cessation of offshore services on 1st October 2016 and the unit mobilising inshore for expected cold stacking thereafter. Total will pay an early termination fee of approximately $22.1 million in addition to payment for services provided until 1st October 2016.

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