Borgholm Dolphin Contracted for US$21 Million

Dolphin Drilling Ltd, a subsidiary of Fred Olsen Energy ASA has entered into a preliminary agreement for the provision of the accommodation semi-submersible Borgholm Dolphin for a 65-day contract in the UK sector. The contract will follow in direct continuation from the unit's forthcoming contract with BG from July 2008. Estimated contract value for the 65-day period is approximately US$21.1 million. The agreement remains subject to final contract execution.

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