FRED OLSEN ENERGY



Fred Olsen Energy has, on behalf of a company nominated by Bonheur ASA/Ganger Rolf ASA, entered into an agreement to purchase the semisubmersible drilling rig Transocean Discoverer from Transocean Sedco Forex. The rig is an Aker H-3 capable of drilling in water depths up to 1,250 feet and was built in 1977. The rig was purchased for $43.2 million USD. The rig will be renamed the Bulford Dolphin. Fred Olsen Energy has a six month option to purchase the rig from the Bonheur/Ganger Rolf nominated company at a price equal to the purchase price plus 1% per month.