NEW DRILLING CONTRACT FOR BULFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, has received confirmation from Equator Exploration
Ltd. of a new contract with a firm duration of one year
offshore West Africa for the semi-submersible rig Bulford
Dolphin. This contract will follow in direct continuation
from the present drilling contract which is expected to
expire in June 2006. Estimated contract value is
approximately USD 71 million. The unit is presently in
transit from Mexico to West Africa.
Bulford Dolphin is owned by First Olsen Ltd., but is
participating in a pool arrangement for drilling rigs
operated by Dolphin Drilling Ltd.