Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy ASA, has entered into a three-year contract with BP Exploration Operating Co. Ltd. for use of the semisubmersible drilling rig Byford Dolphin for operations in the U.K. North Sea. The new contract will commence in direct continuation with current contract.

The estimated contract value is $378 million. Option exists for a contract extension of a three-year period.
The unit will undertake an early class renewal survey early 2014, including installment of a new blowout preventer (BOP). 

The investment in a new five ram BOP, including commissioning and new control system, is estimated to $40 million.