Bollsta Dolphin Pte. Limited (“Bollsta”), Fred. Olsen Energy ASA and Hyundai Heavy Industries Co., Ltd. ("HHI") are pleased to announce that they have resolved by commercial agreement their disputes and differences arising in connection with the newbuilding contract for the construction of the semi-submersible drilling platform "Bollsta Dolphin".
Ownership of the platform will be retained by HHI and the arbitration proceedings associated with the disputes have been terminated by consent. All of the claims that have been asserted by the parties have been withdrawn and Bollsta will receive about MUSD 176, 4 from HHI of the first instalment paid by Bollsta.
In a joint statement, the parties said: "We are very pleased that our differences have been resolved in an amicable way.”