Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into
an early termination agreement with Total E&P UK for the tender support vessel
Borgsten Dolphin which will result in a cessation of offshore services on 1st
October 2016 and the unit mobilising inshore for expected cold stacking
thereafter. Total will pay an early termination fee of approximately $22.1
million in addition to payment for services provided until 1st October 2016.