NEW DRILLING CONTRACT FOR BREDFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, has received a Letter of Intent for a one well
drilling programme in the U.K. sector of the North Sea for
the semi-submersible drilling rig Bredford Dolphin. The
programme is scheduled to commence mid to late April 2005
with an estimated duration of approximately two months.
Estimated contract value is approximately USD 7.8 million.
Following completion of the drilling program, the rig will
commence operations under a 5 months contract for Peak Well
Management Ltd. in the UK. Bredford Dolphin is currently
mobilizing to the UK sector having recently completed work
for BG Spain.