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Fred Olsen Energy ASA (FOEAY.PK)

FOEAY.PK on OTC Markets Group

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Latest Key Developments (Source: Significant Developments)

Fred. Olsen Energy Q3 misses forecast, prepares for difficult 2017
Wednesday, 26 Oct 2016 02:00am EDT 

Rig firm Fred. Olsen Energy Asa : q3 ebitda $119 million (Reuters poll $123 million) vs $129.6 mln in Q3 2015 . q3 revenues $214 million (Reuters poll $201 million) vs $241 mln in Q3 2015 . says q3 order backlog $390 million versus $650 million in q2 report . Only one out nine rigs has secured employment for 2017 . Q3 impairment of $61 million . Prepared for a challenging 2017 .Main focus on preserving cash through reducing operational cost for rigs in operation, reducing capex on rigs in operation and idle rigs, Reducing lay up cost for idle rigs and adjusting the organization to the market reality.  Full Article

Rig firm Fred. Olsen Energy posts unexpected Q2 operating loss
Thursday, 14 Jul 2016 02:00am EDT 

: Q2 revenues $219 million (Reuters poll $218 million) . Q2 EBITDA $143 million (Reuters poll $136 million) . Q2 EBIT $-96 million (Reuters poll $59 million) . Says Statoil suspends Bideford Dolphin rig for Q3 2016 . Says expects demand and supply imbalance to continue through 2016, though some recovery is expected in 2017 .The consequences are continued pressure on day-rates, shorter contract durations and increased number of lay-ups and scrapping, in general affecting all market segments..  Full Article

Fred Olsen Energy: Dispute with Hyundai Heavy Industries subject to arbitral proceedings
Wednesday, 3 Feb 2016 02:51am EST 

Fred Olsen Energy ASA:Disputes between HHI and Bollsta are subject to arbitral proceedings.As part of these proceedings Bollsta has received HHI's quantification of their claim that Bollsta was not entitled to cancel the contract.In addition to claiming entitlement to the first instalment HHI claims an additional payment of about $178 mln.An alternative claim of $38 mln has been submitted by HHI should their primary claim fail.Bollsta, together with FOE, remain firm that the cancellation was rightful, that Bollsta is entitled to a full repayment of the first instalment and that none of HHI's claims holds any merit; they will all be vigorously refuted.Reference is made to previous notice advising that Hyundai Heavy Industries (HHI) had raised claims against the company's unit, Bollsta Dolphin.  Full Article

Fred Olsen Energy cancels Hyundai rig order as Chevron deal terminated
Tuesday, 27 Oct 2015 03:30am EDT 

Fred Olsen Energy ASA:Subsidiary of the company has notified Hyundai Heavy Industries that it has exercised its contractual right to terminate the order for the building of the Bollsta drilling rig.Says contract provides that on termination it will be entitled to a refund of first instalment paid to Hyundai of $186,390,240 plus accrued interest.The Bollsta rig was on 26 October 2012 contracted to Chevron North Sea Limited. Chevron and Fred. Olsen have mutually terminated the drilling contract on amicable terms.  Full Article

Fred. Olsen says Bollsta rig delayed, Hyundai demands $167 mln
Thursday, 22 Oct 2015 08:05am EDT 

Fred Olsen Energy ASA:Says Hyundai Heavy Industries (HHI) alleges that it is entitled to an additional payment of about $167 million and additional time to complete and deliver a semi-submersible drilling unit which is under construction by HHI, pursuant to a newbuilding contract that was entered into in 2012.Says it considers HHI's claim regarding the Bollsta Dolphin "unfounded".  Full Article

Fred Olsen Energy ASA extends Total contract
Thursday, 18 Jun 2015 02:45am EDT 

Fred Olsen Energy ASA:Dolphin Drilling, a subsidiary of Fred. Olsen Energy, has entered into a contract amendment for the provision of the Borgsten Dolphin vessel with Total.Says amendment covers a revised contract period commencing Oct. 1 this year and continuing Jan. 1, 2018 and is subject to certain early termination rights from end-2016.Says estimated contract value for the revised period from is around $141 million.  Full Article

More From Around the Web

BRIEF-Fred. Olsen Energy wins $2.6 mln rig contract extension

* Says estimated contract value for extension period is approximately $2.6 million. Source text for Eikon: Further company coverage: (Reporting By Terje Solsvik)