NEW DRILLING CONTRACTS FO BREDFORD DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred
Olsen Energy ASA has received a Letter of Award
for the provision of the semi-submersible
Bredford Dolphin for an expected three month
contract in the UK North Sea. The contract will
commence around March 2006 in direct
continuation from the unit`s existing contract
commitments. The estimated value of the contract
is approximately USD 22 million. After
completion of this new contract the Bredford
Dolphin is due for an estimated 30-60 days class
renewal survey and is available for new
assignments thereafter.