Norway: New Contract for Borghom Dolphin Rig for Andrew field Operations (Worth up to $79.5 million)


Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA, has entered into a contract for the provision of the accommodation semi-submersible Borgholm Dolphin with BP Exploration Operating Company Ltd.

The contract is for a nine month period commencing first quarter 2011 supporting operations on the Andrew field in the UK sector.

Estimated contract value is approximately USD 55 million. BP has a total option period under the contract of four months. If BP exercises all options the contract value will increase to approximately USD 79.5 million.

Fred. Olsen Energy ASA  is listed on the Oslo Stock Exchange and provides exploration and production services to the offshore oil and gas industry building on 150 years experience in shipping and more than 35 years in offshore drilling. The Company focuses on rewarding long term customer relationships where innovative and integrated solutions are presented to the benefit of our customers, shareholders and employees.

The Company headquarter is located in Oslo (Norway). Offshore activities are supported by operating offices situated in Stavanger (Norway), Aberdeen (Scotland), Carmen (Mexico) and Singapore, while engineering and fabrication services are provided in Belfast (Northern Ireland). The Company manage 9 rigs and vessels, of which 8 are owned by Fred. Olsen Energy.

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Source: fredolsen-energy, June 22, 2010;

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