Total Amends Terms for Borgsten Dolphin in North Sea

Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a contract amendment for the provision of the Tender Support Vessel Borgsten Dolphin with Total E&P UK Ltd. The amendment covers a revised contract period commencing 1st October 2015 and continuing to 31st January 2018, subject to certain early termination rights from end 2016. Contract terms prior to 1st October 2015 remain in accordance with the previously reported Total agreement. The estimated contract value for the revised period from 1st October 2015 to 31st January 2018 is approximately $141 million.