NEW DRILLING CONTRACTS FOR BORGLAND DOLPHIN

Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, has
received a Letter of Award from Drilling Production
Technology as, on behalf of themselves and the companies
Det Norske Oljeselskap AS, Pertra AS and Revus Energy ASA
for a three year contract for the submersible drilling rig
Borgland Dolphin. The rig will operate in the North - and
Norwegian Sea on the Norwegian continental shelf. Estimated
contract value is USD 361 million. The award which is
subject to agreement on contract terms will imply
operations in direct continuation of the present Borgland
Dolphin contract with Statoil which is scheduled to be
completed end 2006.