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Fred Olsen Energy ASA has received a Letter of Intent from PanCanadian Petroleum (U.K.) Limited for the Borgny Dolphin for the non-HPHT work at Buzzard in the UK sector of the North Sea. The program consists of two firm wells and with option for drilling of two further wells. The Letter of Intent is subject to regulatory approvals, partners approval and contract conditions. The contract will commence on approximately October 1, 2001. The value of the firm contract is approximately GBP 5.0 Million.