NEW DRILLING CONTRACTS FOR BORGSTEN DOLPHIN

Dolphin Drilling Ltd., a subsidiary of Fred
Olsen Energy ASA has received Letters of Intent
for the provision of the semi-submersible
Borgsten Dolphin for two contracts in the UK
North Sea. The awards, which are subject to
Board approval and contract terms, cover 720
days of combined activity from around April 2006
in direct continuation from the unit`s existing
contract commitments. The estimated value of the
contracts is approximately USD 162 million.