Dolphin Drilling Wins New Contract in UK Sector

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Award for the provision of the semi-submersible Borgsten Dolphin with an undisclosed client for a three well drilling program in the UK sector.

The contract is expected to commence mid March 2012. Estimated contract value is USD 31.5 million based on an expected duration of four months. The contract remains subject to final contract agreement.

Dolphin Drilling Ltd has headquarters in Aberdeen, Scotland, while its sister company, Dolphin a.s. is based in Stavanger, Norway. Together they form the drilling contracting business activities of Fred. Olsen Energy ASA.

Dolphin is one of the longest established independent drilling contracting companies in the offshore arena tracing its roots back to the earliest offshore exploration activity in the North Sea in the mid nineteen sixties. The Olsen family’s interest pre-dates this with a history in shipping activity stretching over 150 years.

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Source: Fred. Olsen Energy, October 14, 2011; Image: Dolphin Drilling