COMPLETION OF CONTRACT FOR BULFORD DOLPHIN IN MEXICO

Fred. Olsen Energy ASA, via Dolphin Drilling Ltd, has been
notified and accepted an early termination of the semi-
submersible Bulford Dolphin by Pemex. This follows Pemex`s
stated position that the company does not have further
suitable drilling locations available which would complete
during the remaining period of the contract which had been
due to continue to early January 2006. The rig will be
demobilised shortly and is being actively marketed to
prospective clients.