Fred. Olsen Semisub Wins BP Gig

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has entered into a three year contract with BP Exploration Operating Company Ltd. for use of the drilling rig Byford Dolphin (mid-water semisub) for operations in the UK North Sea. The new contract will commence in direct continuation with current contract. The estimated contract value is $378 million. Option exists for a contract extension of a three year period.

The unit will undertake an early class renewal survey early 2014, including installment of a new BOP. The investment in a new five ram BOP, including commissioning and new control system, is estimated to $40 million.



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