CONFIRMATION OF CONTRACTS FOR BORGLAND DOLPHIN AND BYFO

Reference is made to the notice to Oslo Stock Exchange as
of 26.9.2005 notifying that Dolphin AS, a subsidiary of
Fred. Olsen Energy ASA, had entered into a letter of intent
with Statoil ASA, on behalf of itself and the other
licensees of the Tampen area on the Norwegian continental
shelf, for a three years drilling contract for Borgland
Dolphin from 1.1.2007. Final contract was subject to
approval by the other licensees. Statoil has notified
Dolphin that such approval now has been received.

Further, Dolphin Drilling Ltd. has received notification
from CNR that the first of two options for extension of the
drilling contract in the U.K. The extension is estimated
for up to 100 days. Estimated contract value of the
extension is approximately USD 11.5 million.

About Us

Fred. Olsen Energy ASA (the Company) is listed on the Oslo Stock Exchange and provides exploration and production services to the offshore oil and gas industry building on 150 years experience in shipping and more than 35 years in offshore drilling. The Company focuses on rewarding long term customer relationships where innovative and integrated solutions are presented to the benefit of our customers, shareholders and employees.

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