Fred Olsen Energy terminates rig contract at HHI

Written by Nick Blenkey
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Today, Fred. Olsen Energy said that its Bollsta Dolphin Pte. Limited subsidiary has notified HHI that it has exercised its contractual termination right under the newbuilding contract as a result of the delay in delivery of the rig, the Bollsta Dolphin, a Moss CS 60 E, sixth generation ultra deepwater semi-submersible.

Fred. Olsen Energy says that the rig construction contract provides that on termination Bollsta will be
entitled to a refund of the first instalment paid to HHI of $186,390,240 plusaccrued interest.

The rig had been under contract to Chevron North Sea Limited under a contract entered into in October 2012. That contract has now been "mutually terminated" on "amicable terms."

OCTOBER 27, 2015 — Last week Oslo headquartered Fred. Olsen Energy ASA reported that South Korean shipbuilder Hyundai Heavy Industries Co. Ltd. (HHI) wanted another $167 million and more time to complete a semi-submersible drilling unit ordered in 2012 (see earlier story.)

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