NEW DRILLING 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 an undisclosed client for a three well drilling program in the UK sector. The contract is expected to commence mid March 2012. Estimated contract value is USD 31.5 million based on an expected duration of four months. The contract remains subject to final contract agreement.


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