Borgsten Dolphin to Commence Drilling Program Early April

Dolphin Drilling, a subsidiary of Fred. Olsen, has entered into a Letter of Award for the provision of the semi-submersible Borgsten Dolphin with an undisclosed client for a four well drilling program with an approximately six month duration and commencement early April 2011. The contract includes one option well with an expected duration of 45 days. The estimated contract value for the firm period is approximately $43.5 million.

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