NEW DRILLING CONTRACT FOR BORGLAND DOLPHIN

Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Award (LOA) with a Rig Management Norway AS consortium consisting of four oil companies. The LOA is for a 15 well drilling contract with an estimated duration of 3 years for the semi-submersible drilling rig Borgland Dolphin. The estimated contract value for the period is approximately USD 575 million and commencement will be in direct continuation with the current contract.

In connection with the Class Renewal Survey in 2014 contract specific upgrades will be carried out to an estimated cost of USD 10 million.


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