Borgholm Dolphin Bags North Sea Contract

Dolphin Drilling, a subsidiary of Fred. Olsen Energy ASA, has entered into a contract for the provision of the accommodation semi-submersible Borgholm Dolphin with BP Exploration Operating. The contract is for a nine month period commencing first quarter 2011 supporting operations on the Andrew field in the UK sector. Estimated contract value is approximately USD 55 million. BP has a total option period under the contract of four months. If BP exercises all options the contract value will increase to approximately USD 79.5 million.