Norway's Fred. Olsen Energy ASA announced Friday that Dolphin Drilling Ltd., a subsidiary of the company, has received a termination for convenience notice from Anadarko Petroleum Corporation for the contract for the drilling unit Belford Dolphin (DW drillship).
The termination will be effective in early September. The termination fee is approximately $52 million.
The unit will undertake its five-year Class Renewal Survey (CRS) in second/third quarter 2015. The five-year CRS and upgrades is estimated to take approximately 100 days and cost $130 million.
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