BP, Dolphin resolve dispute

BP and Dolphin Drilling have settled a contractual dispute concerning the drilling rig Byford Dolphin.

Offshore staff

OSLO -- BP and Dolphin Drilling have settled a contractual dispute concerning the drilling rig Byford Dolphin. The dispute concerned BP’s alleged right to terminate a three-year drilling contract for the rig, prior to the start of a scheduled operation with no corresponding compensation.

The two parties have reached an amicable settlement establishing the estimated contract valued at $355 million, including upgrades. Operations should now start during the second half of January, following the completion of upgrade work to the rig, and a five-year compulsory class renewal survey.

12/18/2009

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