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Agreement on settlement for "Bideford Dolphin"

July 11, 2001, 01:00 CEST

On behalf of the partnership on the Snorre field and licence 089 (Tordis and Vigdis), Norsk Hydro has entered into an agreement with Dolphin a.s., which ends the dispute between the parties regarding compensation for cost overruns in connection with the rebuilding of the drilling rig "Bideford Dolphin".

The agreement states that Dolphin a.s. will receive a 20 percent increase in the day-work rate for the remaining period of the contract, which will be reduced by one year.

Dolphin a.s. will be also be paid an additional NOK 225 million for the contract period covered so far. In accordance with this agreement, Hydro waives the counterclaims made in connection with the dispute.