06/28/2013

OPTIONAL WELLS EXERCISED FOR BREDFORD DOLPHIN

An AGR coordinated group of four oil companies has exercised the option for four additional wells with Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA, for use of the semi-submersible drilling unit Bredford Dolphin. The wells will be in direct continuation with the upcoming contract. The contract value for the exercised option is approximately USD 104.5 million for an estimated drilling program of four wells estimated to 240 days.

The operators have the right to extend the contract with minimum five additional wells within contact commencement.