Dolphin Drilling AS — M&A Activity 2015

Mar 13, 2015

CONTRACT UPDATE FOR BELFORD DOLPHIN

CONTRACT UPDATE FOR BELFORD DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has received a

termination for convenience notice from Anadarko Petroleum Corporation for the

contract for the drilling unit Belford Dolphin. The termination will be

effective in early September 2015. The termination fee is approximately USD 52

million.

The unit will undertake its five-year Class Renewal Survey in second/third

quarter 2015. The five-year CRS and upgrades is estimated to take approximately

100 days and cost USD 130 million.