Fred Olsen Underscores Dolphin Rig Contracts, Operations


Blackford Dolphin
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Borgland Dolphin
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Fred Olsen has provided an operational report for the 4th quarter 2008 for its drilling, engineering and fabrication divisions.

Bideford Dolphin continued operations under the three years drilling program offshore Norway for StatoilHydro ASA. The contract will expire in January 2011.

Borgland Dolphin continued operations under a three years drilling contract with StatoilHydro ASA and the other licensees in the Tampen area on the Norwegian continental shelf. The contract will expire on 1st January 2010. In August 2008, a new four years drilling contract for the unit was entered into with a consortium consisting of 8 oil companies and managed by RMN (Rig Management Norway)

Bredford Dolphin continued operations under a three years drilling contract with AGR and a consortium of licensees on the Norwegian continental shelf. The contract will expire in June 2010.

International

The ultra deepwater drillship Belford Dolphin continued operations under a three years drilling contract with Anadarko, which will expire in April 2010. In November 2007, a new three years drilling contract for the unit was entered into with Anadarko in direct continuation with the existing contract. This contract will expire in April 2013.

Blackford Dolphin commenced operation under a five wells drilling program under the drilling contract with Tullow Oil on the 10th October. After completing the five well drilling program with Tullow Oil in Ghana, which is estimated to 200 days, Blackford Dolphin is currently scheduled to proceed to India to work for Reliance Industries Ltd. The total length of the contract for the combined operations in Ghana and India is three years.

Borgny Dolphin commenced a five years drilling contract with Petrobras in September. The contract is estimated to expire in September 2013. The unit is scheduled to go through its five year class renewal survey in the 2nd quarter 2009.

Byford Dolphin commenced a nine months contract with Senergy in October 2008 which is estimated to end in July 2009. In October 2008 a further three years letter of award was entered into for operation in the UK sector of the North Sea resulting in the unit being committed to the 1st quarter 2013. The unit is scheduled to go through its five year class renewal survey in 4th quarter 2009 / 1st quarter 2010.

Borgsten Dolphin commenced a nine months drilling contract with Maersk in September for operation in the UK sector of the North Sea. Borgsten Dolphin is available for new contract in June 2009.

Borgholm Dolphin completed a 12 weeks contract with BG Group late January 2009 and thereafter commenced an 8.5 months accommodation contract also with BG Group for accommodation work in the UK sector of the North Sea. The contract will expire in October 2009.

Engineering and Fabrication

The Harland & Wolff shipyard continued operations within engineering, ship repair and shipbuilding. During the quarter, most of the yard has been engaged in logistics and assembly of offshore windfarms, a business area with large potential going forward. The company will seek to develop this business segment further and seek to secure contracts for additional windfarm projects in addition to shipbuilding and ship repair in the years to come.

Outlook

A significant change in sentiment has occurred in all offshore areas during the last three months. Lower oil prices and the almost complete disappearance of available new financing are affecting many oil companies. This means that operators that require new funding are particularly exposed and this includes a number of small UK independents. Operators are generally trying to reduce expenditure where possible. The emerging consequences are revised oilprice budgets and delays of projects in the whole of the energy sector.

However, the balance between supply and demand for offshore floating drilling units seems healthy in a longer perspective.

The Group’s offshore fleet consists of two deepwater units and six mid water semisubmersible drilling rigs in addition to one accommodation unit. Three of the semisubmersible drilling rigs are operating in Norway. Seven out of nine units have long term contracts.
 

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