Polish Shipyard to Perform Class Renewal Survey of Bredford Dolphin

Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, has entered into an agreement with the Polish yard Remontowa S.A. for the compulsory five-year class renewal survey and upgrade of the semisub Bredford Dolphin before commencing a three year contract offshore Norway. The rig is expected to arrive at the yard in Gdansk, Poland late October following completion of a drilling program in the UK. The yard stay is estimated to last approximately 90 days. Total cost of the class renewal survey and upgrade of the rig in accordance with Norwegian requirements is estimated at approximately US $85 million, of which the value of the contract with Remontowa S.A. is estimated to US $30 million.
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