NEW CONTRACT FOR BORGHOLM DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred
Olsen Energy ASA has entered into an Interim
Agreement for the provision of the accommodation
semi-submersible rig Borgholm Dolphin in the UK
North Sea. The Interim Agreement, which is
subject to operator`s partner approval and
execution of a final contract, covers an initial
approximate 40 days period of standby in early
2006 followed by approximately 7.5 months
operational activity. The estimated contract
value is approximately USD 38 million, of which
the value of the contract where the Borgholm
Dolphin is operational is approximately USD 36
million. The Interim Agreement follows
immediately after conclusion of Borgholm
Dolphin`s present contract in January 2006.