Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a contract for a minimum period of 572 days with Chevron North Sea Ltd for work in the UK sector of the North Sea with the semi-submersible Blackford Dolphin.

The contract is scheduled to commence early second quarter 2015 in direct continuation from previously announced contracts with the Blackford Dolphin. The estimated contract value is approximately USD 255 million including certain rig upgrades of approximately USD 11 million.

Chevron has an option to extend the contract for a further period of between 300 and 700 days.

About Fred Olsen Energy

A company with profound roots in the offshore industry since 1967.

Fred. Olsen Energy ASA was formed in 1997 as an amalgamation of all energy related activities affiliated to the Fred. Olsen companies.

The offshore fleet of Fred. Olsen Energy ASA with subsidiaries (the Group) consists of two deepwater units and five mid-water semi-submersible drilling rigs in addition to one tender support vessel and one accommodation unit. Three of the semi-submersible drilling rigs are operating on the Norwegian Continental Shelf. The Group has two newbuilds under construction, an ultra deepwater drillship scheduled to be delivered in 3Q 2013 and an ultra deepwater semi submersible for harsh environment scheduled to be delivered in 1Q 2015. Both units are ordered at Hyundai Heavy Industries Co., Ltd.