Rig contract with Fred. Olsen Energy

June 22, 2006, 16:00 CEST

Hydro has signed a letter of intent for a three-year contract with Fred. Olsen Energy ASA for a prolonged use of the drilling rig 'Bideford Dolphin' from 2008 to 2011.

Hydro is the operator of several new discoveries and subsea developments requiring rig capacity for drilling of production wells. This agreement allows Hydro to pursue an ambitious production drilling programme on the Norwegian continental shelf in the coming years.

The value of the contract for the period 2008-2011 is NOK 2.9 billion. The contract is subject to partner approval.

Bideford Dolphin is a semi-submersible rig, currently drilling production wells for Hydro in the Oseberg area.