Update on Contractual Dispute for Byford Dolphin

Reference is made to the notice to Oslo Stock Exchange as of March 24, 2009 regarding the execution of a three year drilling contract by Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, for the drilling rig Byford Dolphin. In reference to contractual provisions on termination rights BP Exploration Operating Company Ltd. has initiated renegotiations of the contract rate for Byford Dolphin. Dolphin Drilling Ltd. disputes BP's construction of the relevant provisions and the parties have failed to resolve their disagreement. BP's argued construction of the contract, which implies a termination right prior to commencement of operations (scheduled for January 2010) with no corresponding compensation, will now be considered by an English court. A ruling by the first judicial authority is expected towards end of November this year.

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