Fred Olsen Secures Consortium Contract for Semisub

Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA has entered into a Letter of Award (LOA) with a Rig Management Norway AS consortium consisting of four oil companies. The LOA is for a 15 well drilling contract with an estimated duration of 3 years for the drilling rig Borgland Dolphin (mid-water semisub). The estimated contract value for the period is approximately $575 million and commencement will be in direct continuation with the current contract.

In connection with the Class Renewal Survey in 2014 contract specific upgrades will be carried out to an estimated cost of $10 million.

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