FIVE-YEAR CONTRACT FOR BORGNY DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred Olsen
Energy ASA has entered into a preliminary
agreement for the provision of the semi-
submersible Borgny Dolphin for a five year
contract. Mobilisation for this contract is
scheduled to commence early 2008 on conclusion of
the current contract with Pemex in Mexico.
Estimated contract value for the five year period
is approximately USD 436 million, inclusive of
mobilisation fee. An additional bonus of up to 15%
of the daily rate is also possible under the
contract. The agreement remains subject to final
approval by the client.