CONFIRMATION OF CONTRACT FOR BORGNY DOLPHIN
Reference is made to the notice to Oslo StockExchange as of 14.5.2007 notifying that DolphinDrilling Ltd., a subsidiary of Fred. Olsen EnergyASA, had entered into a letter of intent for afive year contract for Borgny Dolphin. Finalcontract was subject to approval by the client,Petrobras, who has now notified Dolphin that suchapproval has been given. The rig will mobilize toBrazil for commencement under the contract early2008.