Dolphin Drilling Selects Yard for Blackford Dolphin Upgrade

A wholly owned subsidiary of Fred. Olsen Energy ASA has entered into a contract with Keppel FELS in Singapore at a contract value of US $177 million for the previously announced deepwater upgrade of the semi submersible drilling rig Blackford Dolphin. Once upgrades are complete, the rig will be able to operate in up to 7000 ft. water depth with a new high capacity drilling package and an innovative deck layout. The yard work will be undertaken jointly by Keppel FELS and Keppel Shipyard in Singapore and Keppel Verolme in Rotterdam, the Netherlands. Delivery from the yard in Rotterdam is mid 2007. The Blackford Dolphin is currently in transit with expected arrival in Rotterdam March/April 2006. The cost for the upgrade is estimated to US $400 million.

Marketing of the rig for drilling contracts commencing from 3rd quarter 2007 continues and the Company considers the possibilities of achieving contracts at satisfactory day rates as good.

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