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THREE YEARS DRILLING CONTRACT FOR BLACKFORD DOLPHIN

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Dolphin Drilling Ltd., a subsidiary of Fred.
Olsen Energy ASA, has entered into a letter of
award for a three years drilling contract for
the semi-submersible drilling rig Blackford
Dolphin. Contract commencement is after
completion of the ongoing deepwater upgrade of
the rig mid 2007. The Blackford Dolphin is
currently in transit to the Keppel Verolme yard
in Rotterdam, the Netherlands where the upgrade
will take place. Estimated value of the drilling
contract is approximately USD 456 million,
including approximately USD 20 million as
compensation for mobilization and demobilization
of the rig.