BORGLAND DOLPHIN

The Norwegian state oil company, Statoil, is refusing to accept delivery of the converted drilling rig, Borgland Dolphin from Fred Olsen Energy. Statoil is claiming the terms of the lease contract have not been fulfilled. Delivery of the Borgland Dolphin is now more than one year late. Fred Olsen states that this delay is due to change orders from Statoil. The conversion cost for the rig is approximately $121 million over budget with the initial cost of conversion being close to $116 million. Statoil has stated that they would like to resolve the pending issues.
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