Statoil and Dolphin Settle Dispute

On February 3, 2003 an amicable solution has been reached between Statoil and Dolphin in the dispute over responsibility for cost overruns in connection with the modification of the Borgland Dolphin semisubmersible.

The settlement entails Statoil paying Dolphin NOK 75 million in compensation. Dolphin is a wholly-owned subsidiary of Fred. Olsen Energy. Statoil and Dolphin are pleased to be able to put this dispute behind them and focus instead on further cooperation.

Borgland Dolphin