Bollsta Dolphin - Claim for additional payment and time

Bollsta Dolphin Pte. Ltd (Bollsta), a wholly owned subsidiary of Fred. Olsen Energy ASA (FOE), has today received a notice of arbitration from Hyundai Heavy Industries Co. Ltd. (HHI).

HHI alleges that it is entitled to an additional payment of about MUSD 167 and additional time to complete and deliver a Semi-Submersible Drilling Unit which is under construction by HHI pursuant to a newbuilding contract that was entered into between HHI and Bollsta in 2012. Reference in this regard is made to our previous announcement to the Oslo Stock Exchange on 25 May 2012.

HHI claim’s is considered unfounded.

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