Borgny Dolphin Awarded 5-Year Contract

Dolphin Drilling Ltd, a subsidiary of Fred Olsen Energy ASA has entered into a preliminary agreement for the provision of the semisub Borgny Dolphin for a five year contract. Mobilization for this contract is scheduled to commence early 2008 on conclusion of the current contract with Pemex in Mexico.

Estimated contract value for the five year period is approximately US $436 million, inclusive of mobilization fee. An additional bonus of up to 15% of the daily rate is also possible under the contract. The agreement remains subject to final approval by the client.

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