NEW CONTRACT FOR BORGHOLM DOLPHIN



Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, has received a Letter of Intent from Shell U.K. Ltd.
for an accommodation support contract in the UK sector of
the North Sea for the accommodation rig Borgholm Dolphin.
The programme is scheduled to commence in July 2005 with an
estimated duration of 6 months. Estimated contract value is
USD 22.5 million. Borgholm Dolphin is presently located at
the Harland & Wolff yard in Belfast.

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.