Possible Contract for Belford Dolphin Offshore India

Recent press comments in India indicate that FOE via its subsidiary Dolphin Drilling Ltd has been awarded a 3-year contract for drilling offshore India. FOE has, however, not received formal notification of any such award.
FOE confirms that the company has bid for a three year integrated service drilling program. The contract is expected to commence prior to end 2003 offshore India and will involve drilling in water depths up to 3000 meters. Inclusive of mobilisation/demobilisation fees and all integrated service the gross contract value is approximately US $386 million. On a normalized basis the rig portion of the contract is approximately 50% of the gross contract value.