Contract Extension for Borgsten Dolphin

Fred Olsen Energy ASA has reached an agreement to enter into a contract for Borgsten Dolphin. The program is for five wells with an approximate duration of six months on the UK Continental shelf. Commencement is estimated to be second half January 2001 and will be in direct continuation of the forthcoming contract with Talisman. The value of the contract is approximately GBP 8.1 million.