SECURE FIVE YEAR DRILLING CONTRACT FOR HARSH ENVIRONMENT SEMI-SUBMERSIBLE NEWBUILD

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has entered into a contract with an undisclosed client, for the provision of the new build Moss Maritime CS 60 E design semi-submersible under construction by Hyundai Heavy Industries (HHI), which is to be named Bollsta Dolphin.

The five-year contract will commence following delivery by HHI, scheduled for end first quarter 2015. The contract value is approximately $1.064 billion including a mobilisation fee of USD 42 million. In connection with the new build contract an estimated USD 40 million will be invested in a second BOP and additional riser.


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