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CONFIRMATION OF CONTRACT FOR BORGNY DOLPHIN

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Reference is made to the notice to Oslo Stock
Exchange as of 14.5.2007 notifying that Dolphin
Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, had entered into a letter of intent for a
five year contract for Borgny Dolphin. Final
contract was subject to approval by the client,
Petrobras, who has now notified Dolphin that such
approval has been given. The rig will mobilize to
Brazil for commencement under the contract early
2008.