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Fred Olsen Energy ASA (FOEAY.PK)

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Latest Key Developments (Source: Significant Developments)

Statoil extends contract with Fred. Olsen Energy worth $17 mln
Friday, 19 May 2017 02:14am EDT 

May 19 (Reuters) - Fred Olsen Energy Asa :Statoil <<>> has exercised the option for an additional well with Dolphin Drilling AS, a subsidiary of Fred. Olsen Energy ASA, for use of the semi-submersible drilling unit Bideford Dolphin.The well will be in direct continuation with the upcoming well, which is estimated to be commenced late May. .The contract value for the extension is approximately USD 17.2 million for an estimated drilling campaign of 100 days .  Full Article

Fred. Olsen Energy Q1 EBITDA beats forecast, Borgholm rig to be scrapped
Thursday, 4 May 2017 02:00am EDT 

May 4 (Reuters) - Fred Olsen Energy Asa :Q1 revenues $98 million (Reuters poll $85 million).Q1 ebitda $41 million (reuters poll $35 million).Q1 ebit $-14 million (Reuters poll $-29 million).Q1 order backlog $220 million versus $260 million at end-q4.Borgholm dolphin to be sold for decommissioning.Blackford dolphin to be smart stacked in flekkefjord, norway, from end of april.The utilization of rig fleet in the norwegian floater market is expected to continue to drop during 2017.The number of requests and tenders for 2018 in norway has increased, predominantly for shorter term work.For 2019 and beyond, the number of requests and tenders in norway has also increased with several longer term prospects.Development in the uk market is similar to norway, with rig utilization continuing to drop during 2017.A moderate improvement in uk drilling activity is expected in 2017, however a stronger demand for 2018 is expected.Fred olsen energy says the north sea market for floating drilling rigs is expected to balance earlier than the global ultra deepwater market.  Full Article

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

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)