ADDITIONAL WORK FOR BIDEFORD DOLPHIN

Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, has
received additional work from Norsk Hydro Produksjon AS
under the agreement for the semi submersible drilling rig
Bideford Dolphin.

The extension period is for 124 days with a contract value
of NOK 231 million. The agreement is estimated to expire
late 2nd quarter 2007.

There are no options in this agreement