AGR Updates on Revised Terms of Bredford Dolphin Contract

Reference is made to the notice to Oslo Stock Exchange as of June 16, 2009 notifying that Dolphin AS, a subsidiary of Fred Olsen Energy ASA, had entered into a Letter of Agreement with RWE Dea Norge AS for a 160 days drilling contract for the semisubmersible drilling rig Bredford Dolphin for operation on the Norwegian continental shelf, with AGR as the operator.

RWE Dea Norge AS achieved partner approval only for part of the contract; subsequently the contract period has been reduced from 160 days to 90 days. The option for AGR Petroleum to extend the contract with 80 days by end of June 2009 has been increased to totally 150 days and extended to July 14, 2009.

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