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NEW DRILLING CONTRACT FOR BORGSTEN DOLPHIN

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NEW DRILLING CONTRACT FOR BORGSTEN DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has
received a Letter of Intent for a nine month contract for the
semi-submersible drilling rig Borgsten Dolphin for operations in the UK
North Sea. The agreement, which remains subject to finalisation of
contract terms, is on the basis of direct continuation from the present
contract from around August 2008. The estimated contract value is USD
104 million.