FOE has agreed an extension of its current contract with Chevron North Sea Ltd for the semi-submersible Blackford Dolphin. The extension covers ongoing operations with Chevron beyond early February on a programme in order to complete the current well in progress which is expected to conclude around late February 2017. The estimated contract value for the extension period is approximately USD 2.6 million. Again, the contract size is so small that it’s not highly relevant for FOE’s current valuation. However, it still strengthens my thesis that FOE can outcompete its competitors by taking on contracts at depressed dayrates and still break-even.