Bollsta cuts short Hyundai rig construction order

Offshore staff

OSLO, Norway – Bollsta Dolphin Pte, a subsidiary of Fred Olsen Energy, intends to terminate Hyundai Heavy Industries’ (HHI) contract for construction of a new semisubmersible drilling rig following a delay in delivery. 

Under the contract terms, Bollsta says it will be entitled to a refund on termination of the first instalment paid to HHI of $186.4 million, plus accrued interest.

Dolphin Drilling, another Fred Olsen subsidiary, contracted the rig on Oct. 26, 2012, on behalf of Chevron North Sea, which has mutually terminated the drilling contract with Dolphin on amicable terms.



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