Fitch Ratings-London-30 September 2011: Fitch Ratings has withdrawn the expected ratings of Dolphin Energy Limited's (DEL) proposed new senior secured bonds, as follows:

Proposed new secured bonds of up to USD1,930m due 2021 - 2031: 'A+(exp)', Outlook Stable; withdrawn

Fitch has withdrawn the expected ratings as no bonds have been issued within 90 days of the expected ratings being assigned.

Fitch continues to rate DEL's existing USD1,250m 5.888% secured bonds due 15 June 2019, which were affirmed at 'A+' with a Stable Outlook on 6 September 2011.

DEL operates a large oil and gas project extracting gas from offshore fields in Qatar, processing it at Ras Laffan in Qatar and then exporting around 2 billion cubic feet a day of clean gas via a 364 km subsea pipeline to Abu Dhabi for onward sale in the UAE and Oman, mostly under long-term contracts. The project also produces a significant amount of condensate and liquefied petroleum gas which are by-products of the gas processing. The project has been fully operational since April 2008.

- Ends -

For more information, please contact:
Primary Analyst
Dan Robertson
Managing Director        
+44 20 3530 1312
Fitch Ratings Limited        
30 North Colonnade
London E14 5GN                 

Secondary Analyst
Federico Gronda
Senior Director        
+39 02 8790 87287

Committee Chairperson        
Olivier Delfour        
Managing Director        
+ 33 1 44 299121                  

Media Relations:
Peter Fitzpatrick
London
Tel: +44 20 3530 1103
Email: peter.fitzpatrick@fitchratings.com.

Additional information is available at www.fitchratings.com.  

Applicable criteria, 'Rating Criteria for Infrastructure and Project Finance', dated 16 August 2011 are available at www.fitchratings.com.

Applicable Criteria and Related Research:
Rating Criteria for Infrastructure and Project Finance

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© Press Release 2011