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.
Recommended Reading
-
Hydro continues to execute on its 2030 strategy, delivering strong results over the last twelve months amid uncertain markets. The ability to create value from opportunities arising from the green...
Read More -
Hydro has decided to consolidate the Extrusions operations in Europe with a proposal to close five of its European plants. This move is made to optimize the extrusion footprint in Europe and...
Read More