Fred Olsen Energy Sells Borgila Dolphin

Fred. Olsen Drilling, subsidiary of Fred. Olsen Energy ASA, has entered into an agreement for the sale of the support rig Borgila Dolphin to an undisclosed buyer. The sales price is US $20 million. FOD will retain certain equipment onboard the rig at a pre-agreed price of US $1 million, which will be deducted from the sales price. Dolphin AS, a wholly owned subsidiary of FOE, will assume technical management of the rig for the buyer.

The agreement has been approved by both parties' board of directors.