NEW DRILLING CONTRACTS BREDFORD- AND BORGSTEN DOLPHIN

NEW DRILLING CONTRACTS FOR BREDFORD DOLPHIN AND BORGSTEN
DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy
ASA, has received a Letter of Award from Peak Well
Management Ltd. for a four wells drilling programme in the
U.K. sector of the North Sea for the semi-submersible
drilling rig Bredford Dolphin. The programme commences
during June/July 2005 with an estimated duration of
approximately five months. Estimated contract value is
approximately USD 16.5 million. Bredford Dolphin is
currently operating offshore Spain under a contract with
British Gas, estimated to expire before mid March 2005.
Dolphin Drilling Ltd. has further received a Letter of
Intent from ChevronTexaco North Sea Ltd. for a drilling
programme of approximately 150 days in the U.K. sector of
the North Sea for the semi-submersible drilling rig
Borgsten Dolphin.The programme is estimated to commence in
May 2005. Estimated contract value is approximately USD 18
million. Borgsten Dolphin is currently completing its five
years compulsory class renewal service at the Harland &
Wolff yard in Belfast.