NEW THREE YEAR DRILLING CONTRACT FOR BYFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has entered into a three year contract with BP Exploration Operating Company Ltd. for use of the semi-submersible drilling rig Byford Dolphin for operations in the UK North Sea. The new contract will commence in direct continuation with current contract. The estimated contract value is USD 378 million. Option exists for a contract extension of a three year period. 

The unit will undertake an early class renewal survey early 2014, including installment of a new BOP. The investment in a new five ram BOP, including commissioning and new control system, is estimated to USD 40 million.


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