NEW DRILLING CONTRACT FOR BREDFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred
Olsen Energy ASA has entered into an agreement
with Peak Well Management Ltd. for drilling of
two wells in the UK North Sea for the semi-
submersible drilling rig Bredford Dolphin. The
drilling program, with an estimated duration of
60 days, is scheduled to commence in June 2006
after the previously announced 3 months
commitment with another operator. Estimated
contract value of the extension is approximately
USD 21 million. Following completion of the
drilling program the rig will move to Belfast
where preparation work will be carried out for
the following 3 years drilling contract in
Norway.