ADJUSTMENTS TO DRILLING CONTRACT FOR BORGSTEN DOLPHIN

With references to stock notice 20th January 2010. Dolphin Drilling Ltd,
a subsidiary of Fred. Olsen Energy ASA, has finalised an agreement to
adjust the terms of the contract for the semi-submersible Borgsten
Dolphin with Hurricane Exploration PLC. The contract for two wells is
now planned to extend until approximately mid September 2010, subject to
specific well durations. The value for the contract period beyond the
previously anticipated 75 day period is approximately USD11 million.