Fred. Olsen Energy Enters LOI for Rig Provision for Drilling Offshore Brazil

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA , has entered into a Letter of Intent for the provision of the semi-submersible Blackford Dolphin for drilling of one well offshore Brazil.

Commencement is scheduled late in the fourth quarter 2011, with an estimated duration of total 135 days of which some 118 days will be in continuation of the existing Reliance contract. Total contract value is approximately USD 47 million. The contract remains subject to final contract agreement, partner and management approval which are anticipated to be closed within end May.

[mappress]

Source: Fred. Olsen Energy, April 26,2011;