Dolphin Drilling, an offshore drilling contractor, has secured safety case acceptance from the UK Offshore Major Accident Regulator (OMAR) for a semi-submersible rig acquired from Transocean. The acquisition, part of Dolphin Drilling's fleet expansion strategy, includes two semi-submersible rigs, namely Paul B. Loyd Jr. and Transocean Leader, purchased from Transocean for a total of $64.5 million.

The safety case acceptance from OMAR was a crucial condition for the completion of the acquisition agreement. The Paul B. Loyd Jr. rig, built in 1990, is of Aker H 4.2 design and was constructed at Hyundai Heavy Industries in South Korea. With a capacity to accommodate 120 people, the rig can operate in water depths of 1,969 feet and has a maximum drilling depth of 20,000 feet.

Bjørnar Iversen, CEO of Dolphin Drilling, expressed excitement about the swift response from the UK Competent Authority to the material change submission, highlighting the efficient application process and cooperation with Transocean. The safety case acceptance positions Dolphin Drilling as the duty holder, and the company aims to strengthen its position as a leading drilling contractor in the UK offshore drilling sector.

Upon completion of the rig acquisition, the Paul B. Loyd Jr. semi-sub will be under contract with Harbour Energy in the UK until September 2027, with additional 5 x 1 year option periods thereafter. The transaction aligns with Dolphin Drilling's goal to showcase its operational platform's capacity for additional assets, generating robust cash flows for shareholders. Iversen emphasized the strong interest in Dolphin Drilling's offshore floater rigs in the UK sector, offering safe and efficient drilling operations.

In addition to the rig acquisition, Dolphin Drilling recently appointed Jon Oliver Bryce as Chief Strategy Officer to contribute to the company's growth strategy. Bryce, with over 30 years of industry experience, will focus on the strategic development of Dolphin Drilling as global specialists in moored mid-water drilling services. The company anticipates capitalizing on favorable market conditions in the moored semi-sub sector.