Dolphin Drilling Wins $35M Contract

Fred Olsen Energy said its subsidiary Dolphin Drilling has received a contract worth $35 million for a 14-months drilling program offshore U.K.

Under a letter of intent received Friday, Fred Olsen Energy said the semisub, Byford Dolphin, will begin the drilling program in January 2005.

Estimated total contract value is $35 million and includes an escalating day rate through the contract period, starting at $70,000 per day increasing to $85,000 per day, Fred Olsen Energy said. The company said Byford Dolphin is presently in lay-up in Invergordon, in Scotland, and will, together with the Borgsten Dolphin move to the Harland & Wolff yard in Belfast during October to carry out its compulsory five-year class renewal survey.