NEW DRILLING CONTRACT FOR BREDFORD DOLPHIN IN NORWAY

Dolphin AS, a subsidiary of Fred. Olsen Energy
ASA, has received a Letter of Award from
Drilling Production Technology as, a company
within the AGR Group, on behalf of themselves
and a consortium of licensees on the Norwegian
continental shelf for a three year drilling
contract for the semi submersible drilling rig
Bredford Dolphin. The estimated contract value
is approximately USD 392 million. The award is
subject to final contract. Commencement is
estimated to 2nd half 2006 following compulsory
class renewal survey and upgrade of the rig in
accordance with Norwegian requirements.

Bredford Dolphin currently operates in the UK
North Sea and will complete current drilling
programs during summer 2006.