EXTENDED DRILLING CONTRACT FOR BREDFORD DOLPHIN

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The previously announced drilling contract for
the semi-submersible drilling rig Bredford
Dolphin between Dolphin Drilling Ltd., a
subsidiary of Fred. Olsen Energy ASA and Peak
Well Management Ltd., has been extended by a
further well with an estimated duration of 40
days. This further extension to the drilling
programme is scheduled to commence in January
2006, resulting in a firm programme for the rig
continuing to the end of February 2006.
Estimated contract value of the extension is USD
6.8 million.