NEW CONTRACT FOR BULFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, has received a Letter of Intent from Equator
Exploration Ltd. for a five well drilling programme, with
an estimated duration of 210 days, offshore West Africa for
the semi-submersible rig Bulford Dolphin. Estimated
contract value is USD 37.5 million including a mobilisation
fee of USD 6 million. The unit is presently preparing for
demobilisation from offshore Mexico having recently been
released by Pemex and will depart to West Africa
imminently.