Fred Olsen Energy terminates rig contract at HHI
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.”