Hydro Extends Contract with Bideford Dolphin

Hydro has signed a letter of intent for a three-year contract with Fred. Olsen Energy ASA for the prolonged use of the drilling rig Bideford Dolphin from January 2008 to January 2011.

Hydro is the operator of several new discoveries and subsea developments requiring rig capacity for drilling of production wells. This agreement allows Hydro to pursue an ambitious production drilling program on the Norwegian continental shelf in the coming years.

The value of the contract for the period 2008 to 2011 is NOK 2.9 billion.

The contract is subject to partner approval.

Bideford Dolphin semisub is currently drilling production wells for Hydro.