Fred Olsen Settles Rig Dispute with Hyundai Heavy Industries

Fred Olsen Energy says it has reached an agreement with South Korean shipbuilder Hyundai Heavy Industries to settle a dispute over the newbuilding contract for the semi-submersible drilling rig Bollsta Dolphin. Under the agreement, Hyundai Heavy will retain ownership of the rig and pay $176.4 million to Bollsta Dolphin Pte, a subsidiary of Fred Olsen, to settle all claims in … [Read more...]

WATCH: Brave Tern Full Height Test

The offshore wind turbine installation vessel Brave Tern conducts a "full-height jacket test" at the port of Rotterdam. During the test the jack-up reached a height of 70 meters using the vessel's 5,300 ton capacity legs. The Brave Tern is one of two identical jack-ups built by Gusto MSC with customizations for owner Fred. Olsen Windcarrier. The vessels are … [Read more...]

Fred. Olsen Energy Says Drilling Rates to Stay at Loss-Making Levels

OSLO, Feb 16 (Reuters) - Global offshore drilling rig rates will remain at loss-making levels as the market continues to suffer from overcapacity, Norway's Fred. Olsen Energy predicted on Tuesday after posting a bigger than expected fourth-quarter deficit. Oil firms have sharply cut their investments in the wake of a 70 percent drop in the price of crude since mid-2014, and … [Read more...]

Fred Olsen Energy Cancels Rig at Hyundai Heavy Amid Dispute

A unit of Fred Olsen Energy has decided to cancel its contract with Hyundai Heavy Industries for a newbuild semi-submersible drilling rig amid a dispute over added costs and its delayed delivery. The rig, the Bollsta Dolphin, is currently under construction at HHI's Gunsan shipyard in South Korea.  Fred Olsen announced the contract termination on … [Read more...]

Hyundai Heavy Claims Fred Olsen Energy Owes $167 Million Over Unfinished Rig

Fred Olsen Energy revealed Thursday that Hyundai Heavy Industries, the world's biggest shipbuilder, has filed a claim against a subsidiary of Fred Olsen over $167 million HHI claims is owed over the construction of a semi-submersible drilling rig. The claim was received by Bollsta Dolphin, a wholly owned subsidiary of Fred.Olsen Energy on Thursday in a notice of arbitration … [Read more...]