NEW CONTRACT FOR BORGHOLM DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred
Olsen Energy ASA has entered into an agreement
for the provision of the accommodation semi-
submersible rig Borgholm Dolphin in the UK North
Sea. The agreement, which is subject to
execution of a final contract, covers an
approximate period of five months of activity
commencing first half January 2007. The
estimated contract value is approximately USD 28
million. The Borgholm Dolphin is presently
contracted to Shell UK until end October 2006.