NEW DRILLING CONTRACT FOR BREDFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred
Olsen Energy ASA has entered into an agreement
with Aberdeen based Peak Well Management Ltd
(Peak) for drilling of an additional one well in
the UK North Sea with the semi-submersible
drilling rig Bredford Dolphin. The drilling
program, with an estimated duration of 30 days,
is scheduled to commence in August 2006
following the previously announced two-well
commitment with Peak. Estimated contract value
of the extension is approximately USD 10.6
million.