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THREE YEARS DRILLING CONTRACT FOR BIDEFORD DOLPHIN

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Dolphin AS, a subsidiary of Fred. Olsen Energy
ASA, has entered into a letter of intent with
Norsk Hydro Produksjon AS for a three years
drilling contract for the semi submersible
drilling rig Bideford Dolphin. The contract period
is from 27.1.2008 to 26.1.2011. Estimated contract
value is approximately NOK 2.9 billion. The letter
of intent is subject to approval by the relevant
licensees on behalf of which Norsk Hydro
Produksjon AS is the operator.

The same letter of intent includes the expiry date
for the presently planned drilling program which
is set to be 26.1.2008. For Dolphin, the letter of
intent implies an estimated increased contract
value related to the present drilling program of
approximately NOK 431 million, calculated from
1.7.2007.