Borgsten Dolphin Receives LOI from CNR International

Dolphin Drilling has received a Letter of Intent from CNR International (U.K) Ltd for an approximate three month contract with the semisub, Borgsten Dolphin for operations in the UK North Sea. Estimated contract value is approximately US $14 million.

The award, which is subject to agreement on contract terms, will follow in direct continuation from the present Borgsten Dolphin contract with Chevron Upstream Europe from around year-end 2005.

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