Borgholm Dolphin Receives Contract Extension

Dolphin Drilling has agreed to a 60 day extension of the previously announced contract for the Borgholm Dolphin accommodation unit in the UK sector of the North Sea, which commenced in January 2007. The current contract comprises a contract period of 7.5 months with a contract value of approximately US $43 million. The 60 day extension has an estimated value of approximately US $12 million and is estimated to commence in August 2007 in direct continuation with the current contract.