Byford Dolphin Sails into 3-Year Contract for UK North Sea Ops

Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has received a Letter of Award for a three-year contract for the semisubmersible drilling rig Byford Dolphin for operations in the UK North Sea.

The agreement, which remains subject to finalization of contract terms, will commence the contract first quarter 2010 after completing its five years class renewal survey. The estimated contract value is US $449 million.