A wholly owned subsidiary of Fred. Olsen Energy ASA recently entered into a turnkey contract with Korea's Hyundai Heavy Industries Co., Ltd. for the construction of a new ultra-deepwater drillship. Under the deal, the drillship will be delivered in the third quarter of 2013. Total project cost is estimated to $615 million (including spare parts, owner furnished equipment and project team). The contract includes an option from Hyundai for the purchase of a similar second drillship exercisable within October 2011.

This DP drillship will be designed for water depth capacity up to 12,000 feet, with a seven ram BOP (Blow Out Preventer), dual activity capability, five mud pumps, a 165 ton capacity heave compensated crane, a maximum hook-load capacity of 1,250 tons and an accommodation module housing up to 210 people.

April 15, 2011

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