South Korea: Fred. Olsen Energy ASA, Hyundai Heavy Extend Drillship Option Deadline

Reference is made to notice to Oslo Stock Exchange dated 15th April 2011 regarding an option for a second newbuild drillship. A wholly owned subsidiary of Fred. Olsen Energy ASA and Hyundai Heavy Industries Co. Ltd. have agreed on an extension of the time limit for declaring this option till 20th December 2011. The scheduled delivery for such a newbuild remains 1st quarter 2014.

To remind, Fred. Olsen Energy ASA on April 15 announced it had entered into a turnkey contract with Hyundai Heavy Industries Co,, Ltd. for the building of a new ultra-deepwater drillship with scheduled delivery in 3rd quarter 2013. Total project cost is estimated to USD 615 million (including spare parts, owner furnished equipment and project team). The contract included an option from Hyundai for the purchase of a similar second drillship exercisable within October 2011.

The DP drillship will be designed for water depth capacity up to 12,000 feet,, have 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.

October 17, 2011;

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