Dolphin Drilling has received notice of declaration from CNR International (U.K.) Ltd. of the second and last option under the existing drilling contract for drilling of one well of an approximate duration of 100 days. The contract
value of the option is approximately US $11.5 million.
Dolphin Drilling has also entered into agreement with CNR on a further extension of the contract of 275 days duration at a new day-rate. The
contract value of the extension is approximately US $54 million. Commencement under the new contract is estimated to October 2006.
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