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Dolphin Secures Cash for Bolette Dolphin Drillship (Norway)

Dolphin International AS, a subsidiary of Norway’s Fred. Olsen Energy ASA , has signed a new five year bank credit facility of up to $1.5 billion.

The company will use the money to prepay existing bank loans, full-finance the newbuild Bolette Dolphin drillship and for general corporate purposes. The facility is provided by 12 international banks and GIEK/Eksportfinans.

The 6th generation drillship, under construction at Hyundai Heavy Industries’ shipyard in South Korea, is expected to be delivered in the third quarter of 2013. It will be able to operate in water depths of 12.000 feet (3660 m), and equipped for a maximum drilling depth of 10,000 feet (3050 m). Total project cost is estimated at $650 million.

After the delivery, the vessel will sail away to Mozambique to work for Anadarko under a contract signed in November 2011. The drillship, of Gusto P10000 design, has been chartered on a four-year drilling contract at a rate of approximately $488.000 per day.

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USA: Dolphin Geophysical Buys OGI

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Dolphin Group ASA  announces that through their subsidiary Dolphin Geophysical Inc.(US) the company have purchased the entire stock of Open Geophysical Inc. (OGI).

OGI develop and sell seismic processing software and has an existing client base including both major oil companies and seismic contractors. The software is purpose built for modern computer architectures and has an industry leading graphical user interface. It thus provides users with an efficient, cost effective and easy to use seismic processing platform. The newly developed software is already being used on the Polar Duchess for real time Quality Control of acquired data with impressive performance and in Dolphin’s new processing centre established in London.

All Dolphin vessels will be upgraded to the OGI software over the coming months. It will be used for on-board fast track, proprietary processing on the Duchess in the near future and to produce a high-end, fast track product on all future multi-client projects.

R. Gareth Williams, Chief Geophysicist of Dolphin said; “We are extremely excited to be investing in OGI and to be using the Open CPS software for both our on board and onshore, marine processing package. This is a major step towards developing our processing and multi-client services and hence capturing the full value chain in those businesses. We carefully reviewed all the available software platforms and this is a rare opportunity to work with a system designed completely in the 21st century. In addition, we see significant opportunities to support and grow the existing software sales business of OGI and are fully committed to supporting their current customers.”

Roland Gunther and Eric Foley, co-founders of OGI stated “Working with Dolphin will provide us with the opportunity and financial strength to increase the pace of development of our software and to benefit from working closely with an experienced team. We look forward to providing increased levels of support and technology to our current and future customers who are working with both land and marine seismic data. We expect OGI to benefit from the increased global exposure for the software via Dolphin’s multi-client and proprietary projects”

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