Norway-headquartered offshore drilling contractor Dolphin Drilling has confirmed that one of its semi-submersible rigs, which recently ran into trouble in Nigeria, is continuing to make its way to Asia to kick off its new drilling campaign off the coast of India.
Dolphin Drilling’s termination of the Blackford Dolphin rig’s contract with Lagos-based General Hydrocarbons Limited (GHL) and the request for arbitration to pursue the recovery of sums remaining due by GHL led to not only an interim injunction order , which GHL obtained to stop the rig owner from demobilizing or removing the semi-submersible rig but also an ex parte order of arrestment secured by Technova Africa International (Technova) against the rig.
After the arrestment order was lifted, the rig owner confirmed the submission of a bank guarantee of $20 million concerning the ongoing arbitration process with GHL along with the departure of the Blackford Dolphin rig from Nigerian waters. At the time, Dolphin Drilling was negotiating a debt facility underwritten by DNB Markets, part of DNB Bank, to bridge the funding for the required security.
According to the drilling player, the previously submitted $20 million bank guarantee has now been discharged and is no longer in effect. The firm also confirmed that the Blackford Dolphin semi-sub, which left Nigerian waters on July 1, 2024, continues its voyage to India, where it will start its drilling campaign with Oil India Limited .
The three-well drilling assignment is expected to take 14 months, bringing a firm value of $154 million for the rig and associated services. However, the contract also comes with an optional period of seven months. The 1974-built Blackford Dolphin is a semi-submersible drilling rig of an enhanced Aker H-3 design and can accommodate 120 people.
Dolphin Drilling is currently taking steps to optimize its fleet. While one of the firm’s rigs is in Las Palmas for reactivation ahead of its work in the UK, another is being sold for recycling.