Dolphin Drilling, an Oslo-listed, Aberdeen-headquartered owner and operator of a fleet of harsh environment mid-water and deepwater semi-submersible drilling rigs, has secured a letter of intent (LoA) with an undisclosed company for one of its rigs.
This letter of intent for the Borgland Dolphin rig’s next potential contract, with a value of approximately $58 million, would enable the semi-submersible to start the assignment in the second half of 2026.
The deal would include payments for preparation for operation, mobilization, and demobilization. The award of the contract is subject to the duo agreeing on terms and conditions and the operator receiving all necessary approvals, including partner acceptances.
“Discussions between the parties are still ongoing and there can be no certainty as to whether the potential contract will be entered into,” highlighted Dolphin Drilling.
This rig was scheduled to start its 137-day drilling contract with EnQuest in 2025 before arrangements were made with the North Sea operator for the early cancellation of the previously announced drilling program for the rig.
With a weight of 18,000 tons, a length of 109 meters, and a beam of 67 meters supported by 12 sturdy pillars, the Borgland Dolphin rig, which was built in 1977 by Harland & Wolff, received major upgrades in 1998/1999. With a maximum drilling depth of 27,800 feet, the rig can carry out operations in water depths of 1,476 feet.
Dolphin Drilling, which recently made a partial payment to fulfill its obligations following the UK Supreme Court’s decision in a corporation tax liability case, secured the green light to initiate arbitration award collection from General Hydrocarbons Limited (GHL).