Drilling contract awarded to Dolphin AS

October 18, 2004, 15:45 CEST

Hydro has signed a letter of intent with the rig company Dolphin AS on the drilling of up to nine wells in the Norwegian continental shelf. The estimated value of this contract is around NOK 800 million.

The agreement applies to the drilling rig Bideford Dolphin, which shall complete drilling on the Oseberg field in addition to drilling up to seven wells in the Fram field.

Start-up is planned for May 2005, and the drilling programme is expected to last for 19 months. The contract includes options for up to 24 months after the completion of the programme.

Hydro has made the reservation that the agreement is conditional on the approval of the development plans for the Fram Øst field by the licence partners and the authorities in the spring of 2005.