Bredford Dolphin to Spin Bit for RWE on Norwegian Shelf

Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Award with RWE Dea Norge AS for a 60-day drilling contract
for the Bredford Dolphin semisub, which will operate on the Norwegian continental shelf.

The contract will follow in direct continuation from the unit's forthcoming contract with RWE Dea Norge AS and the estimated contract value is approximately US $22.4 million.