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 turned a letter of intent (LoA) into a multimillion-dollar rig deal with Repsol, a Spanish multinational energy and petrochemical company.
Following a letter of intent for the Borgland Dolphin rig’s potential assignment, Dolphin Drilling has secured approximately $60 million in firm contract backlog with Repsol. As a result, the rig owner intends to work on mobilizing the mobile offshore drilling unit (MODU) to begin well plug and abandonment operations slated for late 2026.
This contract, which is perceived to provide for seven wells, spans a minimum of 220 days, with an option available to extend the deal to entail three more wells. The Borgland Dolphin rig is currently warm stacked in Las Palmas, where the remaining special periodic survey will be completed.
Jon-Oliver Bryce , Dolphin Drilling’s Chief Executive Officer, commented: “This award demonstrates the trust operators place in the Dolphin team and in Borgland Dolphin’s proven performance.
“As we prepare Borgland Dolphin for its next campaign, we continue to prioritize delivering safe, efficient and reliable operations throughout the fleet, generating long-term value for our partners and shareholders.”
The rig owner claims to be actively marketing the rig for additional opportunities. 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 was built in 1977 by Harland & Wolff.
The MODU received major upgrades in 1998/1999. With a maximum drilling depth of 27,800 feet, the rig can undertake operations in water depths of 1,476 feet. The semi-sub was previously hired for a 137-day drilling contract by EnQuest before arrangements were made for the early cancellation.
Dolphin Drilling recently made a partial payment to fulfill its obligations after the UK Supreme Court’s decision in a corporation tax liability case.
The firm also secured the green light to initiate arbitration award collection from General Hydrocarbons Limited (GHL).