Fred. Olsen rigs nearing end of current contracts

Fred. Olsen Energy has issued an update on its offshore drilling fleet, most of which is currently idle.

Offshore staff

OSLO, NorwayFred. Olsen Energy has issued an update on its offshore drilling fleet, most of which is currently idle.

ThesemisubmersibleBideford Dolphin re-started operations in May under a drilling contract for Statoil offshore Norway. Statoil then exercised an option for one additional well; the contract now looks set to end in October.

Theultra-deepwater drillshipBolette Dolphin continues a four-year drilling contract with Anadarko Petroleum, having relocated from the Colombian sector of the Caribbean Sea to Côte d’Ivoire.

At the end of August, the contract will be terminated 11 months ahead of schedule, with Fred. Olsen receiving a compensation fee of $96 million.

The company is assessing lay-up alternatives in the shorter term, but will also pursue contract opportunities worldwide both in the short and medium term.

As for the other rigs,Borgland Dolphin and Byford Dolphin are smart stacked in Lyngdal and Blackford Dolphin in Flekkefjord, Norway, all ready for new contracts.

TheBredford Dolphin and Belford Dolphin are respectively preserved and maintained in Kvinesdal, Norway and Labuan, Malaysia.

TheBorgsten Dolphin is cold-stacked in Invergordon, Scotland. The company has decided to decommission the rig.

07/20/2017

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