Borgny Dolphin To Leave U.S. Gulf

Fred Olsen Energy ASA has reached an agreement to enter into a three-well contract, estimated to last five months, for the semisubmersible Borgny Dolphin on the UK Continental shelf. Commencement is estimated to be early April 2001. The rig is presently working for Amerada Hess in the US Gulf of Mexico and will be mobilized to the North Sea upon completion of this program. The UK contract will be in direct continuation of the rig's return from the Gulf of Mexico. The value of the contract is approximately GBP 7.3 million.