CONTRACT FOR BORGHOLM DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a contract with BG International Ltd for the provision of the accommodation semi-submersible Borgholm Dolphin for a nine month period commencing 1st of August 2014 supporting operations in the UK sector. The estimated contract value is approximately USD 65.5 million. An option exists for a 45 days contract extension.