NEW CONTRACT FOR BORGHOLM DOLPHIN

Dolphin Drilling Ltd, a subsidiary of Fred Olsen
Energy ASA has entered into a preliminary
agreement for the provision of the accommodation
semi-submersible Borgholm Dolphin for a 65 day
contract in the UK sector. The contract will
follow in direct continuation from the unit`s
forthcoming contract with BG from July 2008.
Estimated contract value for the 65 day period is
approximately USD 21.1 million. The agreement
remains subject to final contract execution.