Drilling Contract for Byford Dolphin

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Intent with Senergy Limited for the provision of the semi-submersible Byford Dolphin for one well in the UK sector in the North Sea. The contract will follow in direct continuation from the unit's current contract with Senergy limited from around mid July 2009 and will have a duration of around 48 days. Estimated contract value is approximately USD 12.3 million. The agreement remains subject to final contract execution.