Fred Olsen Energy Sells Well Services Unit

Dolphin AS, a wholly owned subsidiary of Fred. Olsen Energy ASA is in the final phase of negotiating a sale of all of its shares and connected interests in the wholly owned subsidiary Dolphin Well Services AS (DWS).

The purchaser is PSL Energy Services Limited, an Aberdeen based oil service company majority owned by Lime Rock Partners, a US based private equity firm. The gross consideration for the sale/acquisition is approximately US $13.5 million.

DWS is a leading provider of work-over and snubbing units and rig assist units for under-balanced drilling services to oil and gas companies operating in the North Sea. DWS has operations in Norway and in the UK.