NEW DRILLING CONTRACT FOR BIDEFORD DOLPHIN

Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Award with Statoil for an 3 years extension of the current drilling contract for the semi submersible drilling rig Bideford Dolphin for operation on the Norwegian continental shelf. The extension will be in direct continuation of current drilling contract. The estimated value for the fixed extension period is approximately USD 520 million. An option exists for a further two years contract extension.


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