TENDER SUPPORT SERVICE CONTRACT FOR BORGSTEN DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Award for the provision of the semi-submersible Borgsten Dolphin with Total E&P UK Ltd for an approximate 40 month program in the UK sector to undertake Tender Support services at the Dunbar platform. The contract is expected to commence mid November 2012 following a period of upgrade and conversion of the Borgsten Dolphin. The estimated contract value is USD 245 million. Additionally, a payment contribution will be made by Total towards contract specific rig investments. Options exist for a contract extension of two six month periods. The contract remains subject to client formal approval, final contract agreement and certain engineering studies.


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