Dolphin Wins Contract for Bredford Dolphin

Fred. Olsen Energy has been awarded a contract from Agip Gas BV for an approximate 240 day drilling program on the Bahr Essalam field offshore Libya with the semisubmersible Bredford Dolphin which is available offshore Tunisia. The drilling program is scheduled to commence spring 2003. Inclusive of mobilization fee and field related costs the gross contract value is approximately Euro 17 million.