NEW DRILLING CONTRACT FOR BULFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, has received confirmation from Equator Exploration
Ltd. of a new contract with a firm duration of one year
offshore West Africa for the semi-submersible rig Bulford
Dolphin. This contract will follow in direct continuation
from the present drilling contract which is expected to
expire in June 2006. Estimated contract value is
approximately USD 71 million. The unit is presently in
transit from Mexico to West Africa.
Bulford Dolphin is owned by First Olsen Ltd., but is
participating in a pool arrangement for drilling rigs
operated by Dolphin Drilling Ltd.

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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