Three-year Norway contract in prospect for Borgland Dolphin

Offshore staff

OSLO, Norway – Dolphin Drilling has a letter of award from a Rig Management Norway consortium comprised of four oil companies for a three-year, 15-well drilling contract for the semisubmersible Borgland Dolphin.

Spring Energy has secured access to four of the well slots. The company has identified drilling targets for the first two slots and is working on new prospects for the other two, as well as the potential to extend the firm duration of the contract by 1Q 2013.

Estimated value to Dolphin parent company Fred. Olsen is about $575 million. The program is due to start in direct continuation of a current contract.

Upgrades will be performed to the rig in 2014 in connection with a class renewal survey, at a cost of about $10 million.

9/17/2012

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