NEW DRILLING CONTRACT FOR BORGSTEN DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, has received a Letter of Intent from CNR International
(U.K) Ltd for an approximate three month contract with the
semi-submersible drilling rig Borgsten Dolphin for
operations in the UK North Sea. Estimated contract value is
approximately USD 14 million. The award, which is subject
to agreement on contract terms, will follow in direct
continuation from the present Borgsten Dolphin contract
with Chevron Upstream Europe from around year-end 2005.