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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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Fred. Olsen Energy Enters LOI for Rig Provision for Drilling Offshore Brazil

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Dolphin Drilling Ltd, a subsidiary of Fred. Olsen Energy ASA , has entered into a Letter of Intent for the provision of the semi-submersible Blackford Dolphin for drilling of one well offshore Brazil.

Commencement is scheduled late in the fourth quarter 2011, with an estimated duration of total 135 days of which some 118 days will be in continuation of the existing Reliance contract. Total contract value is approximately USD 47 million. The contract remains subject to final contract agreement, partner and management approval which are anticipated to be closed within end May.

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