Fred. Olsen Energy, through its subsidiary Dolphin Drilling, has received letters of intent from three separate companies for Mediterranean work programs with the semisub, Bredford Dolphin. The first program is for accommodation support duties offshore Tunisia with a target commencement date of mid July 2004 and duration of approximately 90 days. The estimated contract value is US $3.25 million. The subsequent two programs are offshore Spain and involve the drilling of two wells in direct continuation of the Tunisian program with duration of approximately 100 days. The combined contract value of these two wells is approximately US $6.5 million. The letters of intent remain subject to contract finalization and the oil companies being granted governmental authorization. The Bredford Dolphin is presently offshore Malta following expiry of a drilling program offshore Libya for Agip Gas.