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.