ONGC Awards Belford Dolphin Contract for Work Offshore India

Fred. Olsen Energy has through its subsidiary, Dolphin Drilling Ltd., received notification for the firm award of a 3-year contract with the Indian state oil company Oil and Natural Gas Corporation Limited (ONGC) for drilling offshore India.

The contract is expected to commence prior to end 2003 and will involve drilling in water depths up to 3000 meters. As previously announced the gross contract value, inclusive of mobilization/ demobilization fees and all integrated service, is approximately USD 386 million. On a normalized basis the rig portion of the contract is approximately 50% of the gross contract value.