Bredford Dolphin Receives LOI for 2-Month Contract

Dolphin Drilling has received a Letter of Intent for a one well drilling program in the U.K. sector of the North Sea for the semisub Bredford Dolphin. The program is scheduled to commence mid to late April 2005 with an estimated duration of approximately two months. Estimated contract value is approximately US $7.8 million. Following completion of the drilling program, the rig will commence operations under a 5-month contract for Peak Well Management Ltd. in the UK. Bredford Dolphin is currently mobilizing to the UK sector having recently completed work for BG Spain.