Fred. Olsen Energy ASA: Project and Operational Updates

Regulatory News:

Fred. Olsen Energy (OSE:FOE):

Blackford Dolphin Class renewal survey: The need for additional structural upgrades of Blackford Dolphin has been identified. Finalization of these upgrades is estimated to be completed in June. The total cost for the CRS and upgrades has been revised to USD 195 million.

Borgholm Dolphin Yard stay:

Borgholm Dolphin which has undertaken repair and upgrades of the winches is estimated to go back to operation for Shell U.K. Limited shortly, after a yard stay of nine weeks.

Borgny Dolphin Contract:

Dolphin drilling Ltd, a wholly owned subsidiary of Fred. Olsen Energy ASA, has agreed with Petrobras to suspend operations and the contract will cease with effect from May 2014. The rig will be demobilized and re-exported from Brazil.

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