Borgholm Dolphin Wins New Accommodation Contract

Dolphin Drilling Ltd., a subsidiary of Fred Olsen Energy ASA has accepted a letter of intent for the provision of the accommodation semisubmersible rig Borgholm Dolphin for approximately six months commencing late January 2008 in the UK sector of the North Sea.

The agreement, which remains subject to execution of a final contract, has an estimated value of approximately US $36 million. The Borgholm Dolphin is presently contracted to August 2007.

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