NEW THREE YEAR DRILLING CONTRACT FOR BYFORD DOLPHIN
Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has
entered into a three year contract with BP Exploration Operating Company
Ltd. for use of the semi-submersible drilling rig Byford Dolphin for
operations in the UK North Sea. The new contract will commence in direct
continuation with current contract. The estimated contract value is USD
378 million. Option exists for a contract extension of a three year
period.
The unit will undertake an early class renewal survey early 2014,
including installment of a new BOP. The investment in a new five ram
BOP, including commissioning and new control system, is estimated to USD
40 million.
