Dolphin Drilling, a unit of Fred Olsen Energy, has entered into a letter of intent (LOI) for the provision of the semi-submersible Blackford Dolphin for drilling of one well, offshore Brazil.

The company said that the commencement of the drilling is slated late in the fourth quarter 2011, with an estimated duration of total 135 days out of which around 118 days will be in continuation of the existing Reliance contract.

The total contract value is approximately $47m.

The contract is subject to final contract agreement, partner and management approval, which are expected to be completed within end May.

Dolphin Drilling represent the drilling contracting business of Fred Olsen Energy that manages a fleet including one ultra deepwater DP drillship, one deepwater moored semi, three conventional water depth semis and one accommodation semi.