BREDFORD DOLPHIN TO REMONTOWA S.A. IN POLAND

Dolphin AS, a subsidiary of Fred. Olsen Energy
ASA, has entered into an agreement with the
Polish yard Remontowa S.A. for the compulsory
five years class renewal survey and upgrade of
the semi-submersible drilling rig Bredford
Dolphin before commencing a three years drilling
contract in Norway. The rig is expected to
arrive at the yard in Gdansk, Poland late
October following completion of a drilling
program in the UK. The yard stay is estimated to
90 days. Total cost of the class renewal survey
and upgrade of the rig in accordance with
Norwegian requirements is estimated to
approximately USD 85 million, of which the value
of the contract with Remontowa S.A. is estimated
to USD 30 million.

Bredford Dolphin is a semi-submersible drilling
rig of Aker H-3 design. After completion of the
yard stay the rig will commence a three years
drilling contract with Drilling Production
Technology as, on behalf of themselves and a
consortium of licensees on the Norwegian
continental shelf.