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 picked up an assignment in the UK with an undisclosed oil and gas operator for one of its semi-submersible rigs.
Dolphin Drilling has revealed a contract fixture for its Borgland Dolphin semi-submersible rig with an unnamed player on the UK Continental Shelf (UKCS), which represents approximately $239 million in firm contract backlog, as outlined in the letter of intent (LOI).
The contract is scheduled to start in the second half of 2027, following the rig’s release from its existing contract. The firm term runs through to the expiry of the semi-submersible’s current special period survey (SPS) in October 2031, inclusive of mobilization and demobilization.
The deal entails options for up to a further five years, with a contribution to the SPS. With a weight of 18,000 tons, a length of 109 meters, and a beam of 67 meters supported by 12 sturdy pillars, the 1977-built Borgland Dolphin rig was constructed by Harland & Wolff.
Michael Boyd , Dolphin Drilling’s Chief Executive Officer, highlighted: “This contract award represents a significant milestone for Dolphin Drilling, materially strengthening our firm backlog to approximately USD 602 million.
“Importantly, it delivers long-term earnings visibility across two rigs in the UK, both rigs firmly secured on contract for the next five years, as we guided on and in line with the strategic plan for Dolphin.”
The semi-submersible 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 selected by Repsol last year for a seven-well contract , with an option available to extend the deal to include three more wells.
Boyd emphasized: “With this enhanced backlog, we are establishing a more robust and cost-efficient operating platform, positioning the company to generate sustainable cash flows and capture further opportunities in an increasingly tight offshore drilling market.”