NEW DRILLING CONTRACT FOR BLACKFORD DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a contract for a minimum period of 572 days with Chevron North Sea Ltd for work in the UK sector of the North Sea with the semi-submersible Blackford Dolphin. The contract is scheduled to commence early second quarter 2015 in direct continuation from previously announced contracts with the Blackford Dolphin. The estimated contract value is approximately USD 255 million including certain rig upgrades of approximately USD 11 million. Chevron has an option to extend the contract for a further period of between 300 and 700 days.


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