Dolphin Drilling confirms rig contract in Nigeria

Offshore drilling contractor Dolphin Drilling has confirmed the award of a 12-month contract for a semi-submersible rig by General Hydrocarbons Limited (GHL) in Nigeria.

As reported in early September 2022, Dolphin secured a letter of award (LoA) for the Blackford Dolphin semi-sub rig for operations in Nigeria.

Now, the company has announced the formal contract award, where the rig will begin 12-month operations during the fourth quarter of 2022 with a total contract value of approximately $96 million. GHL has the right to shorten the contract by up to 6 months.

The Blackford Dolphin is a semi-submersible drilling rig of an Enhanced Aker H-3 design built in 1974. Having recently completed work in the Gulf of Mexico for Pemex, the rig will mobilize to Las Palmas for its special periodic survey prior to starting operations in Nigeria. The contract with Pemex was worth $83 million and it started in December 2020.

Dolphin Drilling was recently listed on the Euronext N-OTC list and expects the company to be listed on Euronext Growth in late October.

Bjørnar Iversen, Chief Executive Officer at Dolphin Drilling, said: “We are proud to announce the final award of the Blackford Dolphin contract, proving our position in the niche moored semi-submersible market.”

Iversen also added: “The contract for Blackford Dolphin underlines the potential of the company and its assets, and we believe Dolphin Drilling will capitalize on the continued expected tight rig market for the rest of the fleet.”