NEW DRILLING CONTRACT FOR BREDFORD DOLPHIN

Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, has entered into a
Letter of Award with RWE Dea Norge AS for a 60 days drilling contract
for the semi-submersible drilling rig Bredford Dolphin for operation on
the Norwegian continental shelf. The contract will follow in direct
continuation from the unit's forthcoming contract with RWE Dea Norge AS
and the estimated contract value is approximately USD 22.4 million.