NEW DRILLING CONTRACT FOR BLACKFORD DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Intent with Karoon Petroleo & Gas S.A. for the provision of the semi-submersible Blackford Dolphin for a three wells drilling program offshore Brazil. The contract is expected to commence early second quarter 2012 in direct continuation of the recently announced one well contract for the unit. Estimated contract value is USD 53.2 million based on an expected duration of five months. The contract remains subject to final contract agreement which is anticipated to be closed within end June.


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