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DELAYED COMMENCEMENT OF BORGSTEN DOLPHIN

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In notice to the Oslo Stock Exchange dated 4.3.2005 it was
announced that Dolphin Drilling Ltd had entered into an
agreement with ChevronTexaco North Sea Ltd.for a drilling
programme of approx.150 days in the UK sector of the North
Sea with expected commencement in May 2005.

The drilling rig left the yard end May as planned. Due to
problems with the anchoring equipment during anchoring,
expected commencement of drilling operations have been
delayed until mid July 2005.