EXTENDED DRILLING CONTRACT FOR BREDFORD DOLPHIN

The previously announced drilling contract for the semi-
submersible drilling rig Bredford Dolphin between Peak Well
Management Ltd. and Dolphin Drilling Ltd., a subsidiary of
Fred. Olsen Energy ASA, has been extended by one well with
an estimated drilling period of 30 days. The extended
drilling programme is scheduled to commence in July 2005,
resulting in a firm programme for the rig continuing to the
end of 2005. Estimated contract value of the extension is
approximately USD 4.35 million. Bredford Dolphin is
presently preparing for a two months drilling programme for
Total U.K. Ltd. in the UK sector of the North Sea,
commencing early May 2005.

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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