With references to stock notice 23rd September 2010. Lundin Norway AS has exercised an option for an additional well with Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, for use of the semi-submersible drilling unit Bredford Dolphin.
The well will be in direct continuation with the upcoming contract with Lundin Norway AS. The contract value for the exercised option is approximately USD 20 million for an estimated drilling program of 60 days.
On September 23rd, 2010. Dolphin AS, a subsidiary of Fred. Olsen Energy ASA, has entered into a Letter of Award with Lundin Norway AS for a 2 wells drilling contract for the semi submersible drilling rig Bredford Dolphin for operation on the Norwegian continental shelf with estimated commencement in January/February 2011. The contract value is approximately USD 40 million for an estimated drilling program of 120 days.
About Fred Olsen energy ASA
Fred. Olsen Energy ASA (the Company) is listed on the Oslo Stock Exchange and provides exploration and production services to the offshore oil and gas industry building on 150 years experience in shipping and more than 35 years in offshore drilling. The Company focuses on rewarding long term customer relationships where innovative and integrated solutions are presented to the benefit of our customers, shareholders and employees. The Company headquarter is located in Oslo (Norway).
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Source: Fred Olsen, December 5, 2010; Image: NPD