Dolphin Drilling, an Oslo-listed company based in Aberdeen and operator of a fleet of semi-submersible drilling rigs in medium water and rough deep water, has secured a UK assignment with an undisclosed oil and gas operator for one of its semi-submersible rigs.
Dolphin Drilling Company revealed its main contract Borgland Dolphin A semi-submersible platform with an unnamed player on the United Kingdom Continental Shelf (UKCS), which represents approximately $239 million in contract backlog, as outlined in Letter of intent (Letter of Intent).
The contract is scheduled to start in the second half of 2027, after the platform is released from its current contract. The fixed term continues until the end of the current Special Survey Period (SPS) for the semi-submersible submarine in October 2031, including mobilization and demobilization.
The deal includes options for up to five more years, with contributions to the SPS plan. Weighing 18,000 tons, 109 meters long and 67 meters wide supported by 12 sturdy columns, the Borgland Dolphin platform was built in 1977 by Harland & Wolff.
Michael BoydThe CEO of Dolphin Drilling explained: “This contract represents a significant milestone for Dolphin Drilling, materially strengthening our backlog to approximately US$602 million.
“Importantly, it provides long-term earnings visibility across two UK platforms, both of which are strongly secured under contract for the next five years, in accordance with our guidance and in line with Dolphin’s strategic plan.”
The semi-submersible received major upgrades in 1998/1999. With a maximum drilling depth of 27,800 feet, the platform can conduct operations in water depths of up to 1,476 feet. The semi-sub player was selected by Repsol last year To hold seven wellsWith an option available to extend the deal to include three more wells.
Boyd confirmed: “With this enhanced backlog, we are creating a more robust and cost-effective operating platform, positioning the company to generate sustainable cash flows and seize more opportunities in an increasingly tight offshore drilling market.”
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