Agreement reached on Bideford Dolphin

News - July 13, 2001

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Norsk Hydro has reached an agreement with Dolphin AS that ends the dispute between the two parties with regard to compensation for cost overruns in connection with the re-build of the drilling rig Bideford Dolphin.

Under the terms of the agreement, Dolphin AS will receive a 20 per cent increased in the day-work rate for the remaining period of the contract, which will be reduced by one year.

Dolphin will also be paid an additional NOK225 million for the contract period covered so far.

In return, Norsk Hydro will waive the counterclaims made in connection with the dispute.

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