Borgholm Dolphin Picks Up LOI from Shell

Dolphin Drilling has received a Letter of Intent from Shell U.K. Ltd. for an accommodation support contract in the UK sector of the North Sea for the accommodation rig Borgholm Dolphin. The program is scheduled to commence in July 2005 with an estimated duration of 6 months. Estimated contract value is US $22.5 million. Borgholm Dolphin is presently located at the Harland & Wolff yard in Belfast.