Bredford Dolphin Receives Contract Extension

Fred Olsen Energy ASA has received Letters of Intent from two oil companies for employment of the semisubmersible Bredford Dolphin with a combined contract value of approximately $8.8 million. The first is for a further well under the rig's current contract with Kerr McGee in the UK. This has a duration of approximately 30 days in direct continuation from the current workscope. The second is a two well contract with Nimir Petroleum Company North Africa Ltd for work offshore Tunisia. The period of the program including mobilization from the North Sea has a scheduled duration of approximately 110 days. As a result of these commitments the Bredford Dolphin is next expected available around mid/late April 2002. Conclusion of these agreements remains subject to formal approval and contract execution.

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