|Friday, May 21, 1999
Saga Petroleum has accepted delivery of Fred Olsen’s semisubmersible, Bideford Dolphin. The rig was delivered nearly two years after the scheduled delivery date. Saga is reported as saying the rig meets government requirements but does not fully meet contract specifications concerning efficiency, anchoring and load-carrying capacity. The dayrate will be determined after the rig performs on a pilot well in the North Sea. The original contract called for a dayrate of $123,000, however, there might be a reduction in the dayrate depending on efficiency.