Norway: Fred. Olsen Secures New Drilling Contract for Borgsten Dolphin

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASAš, has entered into a Letter of Award for the provision of the semi-submersible Borgsten Dolphin (photo left)  with an undisclosed client for a four well drilling programme with an approximately six month duration and commencement early April 2011.

The contract includes one option well with an expected duration of 45 days. The estimated contract value for the firm period is approximately $43.5 million.

Fred. Olsen Energy ASA (the Company) provides exploration and production services to the offshore oil and gas industry building on 150 years experience in shipping and more than 35 years in offshore drilling.

The Company focuses on rewarding long term customer relationships where innovative and integrated solutions are presented to the benefit of our customers, shareholders and employees.

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Source:Fred.Olsen, March  4, 2011