Dolphin Drilling: signs multi-year contract for Borgland Dolphin

Dolphin Drilling AS (OSE: DDRIL) has signed a letter of intent for a multi-year contract for its semi-submersible drilling rig, Borgland Dolphin, with an undisclosed party. The potential contract is valued at approximately USD 230 million and is scheduled to commence in the second half of 2027, following release from current Repsol contract. The firm term of the contract is expected to extend through October 2031, coinciding with the expiry of the rig’s current Special Period Survey, and includes options for further extension.

The agreement is subject to final negotiations and management approvals, and includes a termination fee of up to USD 3.8 million in favor of Dolphin Drilling. The Borgland Dolphin, originally commissioned in 1977 and upgraded in 1999, is a fifth-generation semi-submersible rig designed for harsh environments and capable of operating in water depths up to 450 meters. The rig is currently under contract with Repsol for well, plug, and abandonment operations, with activities set to begin late 2026.