NEW CONTRACT FOR BELFORD DOLPHIN

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Dolphin Drilling Ltd., a subsidiary of Fred.Olsen Energy
ASA, has received a Letter of Award from Anadarko Petroleum
Corporation for a three year contract for the deepwater
drillship Belford Dolphin for operations in the US Gulf of
Mexico. Estimated contract value is USD 459 million. The
award which is subject to agreement on contract terms will
follow in direct continuation from the present Belford
Dolphin contract with ONGC India which is scheduled to be
completed end 2006.