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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 potential long-term assignment for one of its semi-submersible rigs.
Dolphin Drilling has signed a letter of intent (LOI) for a potential new contract for the Paul B. Loyd Jr. rig through 2030. This semi-submersible was acquired from Transocean.
The LOI, which is subject to certain conditions, outlines the parties’ intention to work towards a contract with a duration of two-and-a-half years, until August 2030. The rig is working for Harbour Energy.
The rig owner claims that the new contract, in direct continuation of the unit’s current assignment, materially increases the firm’s backlog and provides long-term earnings visibility through 2030.
Subject to future project requirements, the operator also retains options to extend the engagement for up to further five years beyond the firm contract period. The rig’s maximum drilling depth is 20,000 feet.
The 1990-built Paul B. Loyd Jr. rig is of Aker H 4.2 design and was constructed at Hyundai Heavy Industries in South Korea. This unit can accommodate 120 people and perate in water depths of 1,969 feet.
This potential drilling job comes months after Dolphin Drilling won a contract extension for another semi-submersible with Oil India Limited for operations off the coast of India.