Dolphin's Borgsten Awarded $104 Million Contract

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has received a Letter of Intent for a nine month contract for the semi-submersible drilling rig Borgsten Dolphin for operations in the UK North Sea.

The agreement, which remains subject to finalisation of contract terms, is on the basis of direct continuation from the present contract from around August 2008. The estimated contract value is USD 104 million.

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