Offshore drilling contractor Dolphin Drilling has signed a letter of intent for a contract for the Borgland Dolphin semi-submersible drilling rig.
The potential contract is expected to have a value of approximately $230 million and is scheduled to begin in the second half of 2027, in direct continuation following release of the Borgland Dolphin from an existing contract with Repsol.
The firm term runs through to the expiry of the rig’s current Special Period Survey in October 2031, inclusive of mobilization and demobilization, and is expected to have options for a further 5-years.
The parties intend to continue negotiation of the contract pursuant to the letter of intent - which includes a termination fee of up to $3.8 million in favor of Dolphin Drilling - and is subject to agreement and respective management approvals.
Borgland Dolphin rig was built in 1977 by Harland & Wolff and upgraded in 1998/1999. With a maximum drilling depth of 27,800 feet, the rig is capable of operating at water depths of 1,476 feet.