Statoil extension for veteran rig

Still going strong: Bideford Dolphin

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Steve Marshall

 03 October 2012 07:48 GMT

Statoil has taken semi-submersible rig Bideford Dolphin for another three years after exercising an extension option worth $540 million with contractor Fred Olsen Energy.

The extended charter term will follow on directly from the current contract for drilling work on Norway’s continental shelf with the state oil company, which also has an option for a further two-year extension.

The latest deal with Fred Olsen subsidiary Dolphin Drilling yields a dayrate of $493,150 for the 1975-built midwater unit as Statoil and other operators face a shortage of such rigs for production drilling that is driving up dayrates.

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