New Drilling Contracts for Dolphin Drilling Semis

Dolphin Drilling has received a Letter of Award from Peak Well Management Ltd. for a four wells drilling program in the U.K. sector of the North Sea for the semi-submersible drilling rig Bredford Dolphin. The program commences during June/July 2005 with an estimated duration of approximately five months. Estimated contract value is approximately US $16.5 million. Bredford Dolphin is currently operating offshore Spain under a contract with British Gas, estimated to expire before mid March 2005.

Dolphin Drilling Ltd. has further received a Letter of Intent from ChevronTexaco North Sea Ltd. for a drilling program of approximately 150 days in the U.K. sector of the North Sea for the semi-submersible drilling rig Borgsten Dolphin.The program is estimated to commence in May 2005. Estimated contract value is approximately US $18 million. Borgsten Dolphin is currently completing its five years compulsory class renewal service at the Harland & Wolff yard in Belfast.

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