Borgsten Dolphin Receives LOIs for Two UK North Sea Contracts

Dolphin Drilling has received Letters of Intent for the Borgsten Dolphin for two contracts in the UK North Sea. The awards, which are subject to Board approval and contract terms, cover 720 days of combined activity from approximately April 2006 in direct continuation from the rig's existing contract commitments with Chevron and CNR International. The estimated value of the contracts is approximately US $162 million.

Dolphin Drilling is a subsidiary of Fred. Olsen Energy ASA. The Borgsten Dolphin is a Modified Aker H-3 semisub capable of working in 1,500 feet of water. The rig was built in 1975.

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