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    Fred Olsen acquires Navis shareholding

    News // June 16, 2000
    Fred Olsen Energy ASA has entered into an agreement with R&B Falcon for the purchase of its 38.6 per cent shareholding in NAVIS ASA. In addition, Fred Olsen Energy will assume the management contract for the drill ship Navis Explorer 1.

    Fred Olsen Energy has also entered into a purchase agreement for the drilling rig Bill Shoemaker with Rigco North America LLC. The agreement is subject to ratification of The United States Bankruptcy Court.

    The Bill Shoemaker is a semi-submersible drilling rig of the Aker H-3 design. The rig was delivered from Aker Verdal in Norway in 1976 as an accommodation/field support rig and was converted into a drilling rig in 1981. In 1996/97 the rig went through amajor upgrade to its accommodation, deckload capacity, anchoring and drilling equipment.

    The rig is presently equipped for operation in 1,500ft of water, and is well suited for further upgrades for operation in deeper waters.

    The Bill Shoemaker has previously operated under the names Bredford Dolphin, Bow Drill l and Treasure Searcher. The rig was last in operation October 1999 and has since been laid up in Long Harbour, Newfoundland.

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