Dolphin Drilling Wins New Contract for Accommodation Unit

Dolphin Drilling has entered into an Interim Agreement for the provision of the accommodation unit, Borgholm Dolphin, in the UK North Sea.

The Interim Agreement, which is subject to the operator's partner approval and execution of a final contract, covers an initial approximate 40-day standby period in early 2006 followed by approximately 7.5 months operational activity.

The estimated contract value is approximately US $38 million, of which the value of the contract where the Borgholm Dolphin is operational is approximately US $36 million. The Interim Agreement follows immediately after conclusion of Borgholm Dolphin's present contract in January 2006.