HHI wants more money, more time for Fred Olsen semi

Bollsta Dolphin

OCTOBER 22, 2015 —    Oslo headquartered Fred. Olsen Energy ASA says that today it received a notice of arbitration from shipbuilder Hyundai Heavy Industries Co. Ltd. (HHI).

According to Fred Olsen Energy, the shipbuilder asserts that it is entitled to an additional payment of about $167 million and additional time to complete and deliver a semi-submersible drilling unit that is under construction pursuant to a newbuilding contract entered into in 2012.

Fred Olsen Energy says that HHI’s claim “is considered unfounded.”

The rig in question is the Bollsta Dolphin, a Moss CS 60 E, sixth generation ultra deepwater semi-submersible for harsh environment scheduled to be delivered in third quarter 2015.