Bideford Dolphin Continues Work for Statoil on NCS

Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, has entered into a Contract with Statoil for a 3 year drilling contract for the semisubmersible drilling rig Bideford Dolphin for operation on the Norwegian Continental Shelf.

Commencement is January 27, 2011 in direct continuation of current contract. The estimated contract value is approximately US $421 million. Statoil have the option to extend the contract period from 3 to 4 years within 1st of November 2010. If Statoil exercise the option the contract value will increase to approximately US $553 million.