Fred. Olsen Lands $1.4B in Anadarko Orders

Fred Olsen's subsidiary Dolphin Drilling has secured two contracts with Anadarko for approximately $1.4 billion. The rigs have been contracted for four years to support Andarko's exploration program offshore Mozambique.

The contracts entail the provision of the Belford Dolphin (UDW drillship) and a newbuild drillship currently under construction by Hyundai Heavy Industries.

Worth approx. $701 million, the Belford Dolphin-contract will commence on Jan. 1, 2012. This deal will be an extension to an existing contract scheduled to continue through April 2013.

The newbuild contract, with a value of $727 million, is expected to begin operations offshore Mozambique in the fourth quarter of 2013.

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