CONTRACT UPDATE FOR BELFORD DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has received a termination for convenience notice from Anadarko Petroleum Corporation for the contract for the drilling unit Belford Dolphin. The termination will be effective in early September 2015. The termination fee is approximately USD 52 million.

The unit will undertake its five-year Class Renewal Survey in second/third quarter 2015. The five-year CRS and upgrades is estimated to take approximately 100 days and cost USD 130 million.


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