Anadarko terminates Belford Dolphin contract
Fred. Olsen Energy subsidiary Dolphin Drilling Ltd. has received a termination for convenience notice from Anadarko Petroleum Corp. for the Belford Dolphin drilling rig contract.
The termination will be effective in early September 2015. The termination fee is approximately $52 million.
The unit will undertake its five-year Class Renewal Survey in 2Q/3Q 2015. The five-year CRS and upgrades are estimated to take approximately 100 days and cost $130 million.