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NEW CONTRACT FOR BELFORD DOLPHIN

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Dolphin Drilling Ltd., a subsidiary of Fred.Olsen
Energy ASA, has received a confirmation of a
further three year commitment for the drillship
Belford Dolphin. The award which is subject to
final agreement on contract will follow in direct
continuation from present contract with Anadarko
which expires in April 2010. The estimated
contract value is USD 575 million.