Fred. Olsen Enters Contract for Semisub Borgholm Dolphin

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy, has entered into a contract for the provision of the accommodation semi-submersible Borgholm Dolphin with an undisclosed client. The contract will be for a firm duration of 10 months in the UK sector commencing end November 2011 in direct continuation of the previously announced contract for Borgholm Dolphin. The estimated contract value for the firm contract period is approximately USD 60 million. In addition, there are options under the contract of four months. If all options are exercised the contract value will increase to approximately USD 84 million.