Dolphin Drilling, an offshore drilling contractor, has successfully secured a substantial long-term contract for one of its semi-submersible rigs in the UK with EnQuest. The 137-day drilling contract includes provisions for the reactivation of the Borgland Dolphin rig and offers an additional option for EnQuest to extend the agreement within 90 days of contract signing. This extension allows for a significant additional work scope as part of a strategic alliance over a five-year period, providing Dolphin Drilling with schedule flexibility during this period.

The strategic positioning of the Borgland Dolphin rig in the North Sea aligns with expectations for extensive, multi-year production and development well drilling, along with plug and abandonment campaigns. Dolphin Drilling emphasizes its commitment to working closely with clients to establish flexible contracts that facilitate the planning and execution of such work clusters in a safe, efficient, and cost-effective manner.

The Borgland Dolphin rig, a semi-submersible drilling rig constructed in 1977 by Harland & Wolff, has undergone major upgrades in 1998/1999. Capable of accommodating 100 people, the rig boasts a maximum drilling depth of 27,800 feet and can operate in water depths of 1,476 feet.

Bjørnar Iversen, CEO at Dolphin Drilling, expressed satisfaction with the contract award, stating, "This flexible contract showcases our strategy within semisubmersible moored drilling operations and underlines the value-creation potential for our rig acquisitions earlier this year. Dolphin Drilling’s fleet of well-maintained and efficient rigs should serve to be attractive for our clients in the UK in order to deliver much-needed energy supply."

Dolphin Drilling initiated its fleet expansion in the second quarter of 2023, acquiring two semi-submersible rigs, Paul B. Loyd Jr. and Transocean Leader, from Transocean for a total of $64.5 million. The completion of the acquisition agreement, contingent upon the acceptance of a material change in the Paul B. Loyd, Jr. UK HSE safety case to Dolphin Drilling as duty holder, was expected by December 31, 2023, and has been obtained ahead of schedule.

In its unaudited results for the three and nine months ended September 30, 2023, Dolphin Drilling reported an EBITDA of $4.6 million, compared to $1.6 million in the second quarter of 2023. The company's total revenue backlog stands at $422 million, excluding option periods, effective November 28, 2023, which includes the contemplated acquisition of Paul B. Loyd, Jr. and Transocean Leader.

Bjørnar Iversen highlighted the company's progress, stating, "We are pleased to have secured firm work for three of our drilling rigs, including the to-be-acquired rig Paul B. Loyd, Jr., delivering on our promises to return more of our stacked rigs to work."