October 28, 2016 8:39 AM ET

Company Overview of Bollsta Dolphin Pte. Ltd.

Company Overview



Key Executives for Bollsta Dolphin Pte. Ltd.

Bollsta Dolphin Pte. Ltd. does not have any Key Executives recorded.

Bollsta Dolphin Pte. Ltd. Key Developments

Fred. Olsen Energy Settles Dispute on Construction of the Semi-Submersible Drilling Platform

Fred. Olsen Energy ASA, Bollsta Dolphin Pte Limited announced on August 22, 2016 the resolution by way of a commercial agreement of disputes and differences arising in connection with the newbuilding contract for the construction of the semi-submersible drilling platform 'Bollsta Dolphin'. Reportedly, ownership of the platform will be retained by HHI and the arbitration proceedings associated with the disputes have been terminated by consent.

Hyundai Heavy Industries Co. Ltd. Raises Claims against Bollsta Dolphin Pte. Ltd

Hyundai Heavy Industries Co. Ltd. (HHI) had raised claims against Bollsta Dolphin Pte. Ltd. (Bollsta) of about USD 167 million under a contract for the design and construction of a semi-submersible drilling rig, as well as to a subsequent notice advising that Bollsta had cancelled the contract. The 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 installment HHI claims an additional payment of about USD 178 million. An alternative claim of USD 38 million has been submitted by HHI should their primary claim fail. The contract was signed on 25 May 2012 and fabrication started in June 2013. By 31 March 2015 the rig should have been completed and delivered. Seven months thereafter with no realistic prospect of completion before May 2016 Bollsta cancelled the contract. Variations to the work were of minimal consequences to the yard. Bollsta, together with FOE, remain firm that the cancellation was rightful, that Bollsta is entitled to a full repayment of the first installment (of about USD 186 million) and that none of HHI's claims holds any merit; they will all be vigorously refuted.

Recent Private Companies Transactions

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