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Dolphin Drilling announced the signing of a letter of intent (LoI) for a long-term offshore contract with an undisclosed company, with an estimated value of $230 million to deploy its semi-submersible rig Borgland Dolphin in a new offshore drilling project.
The agreement contemplates the commencement of operations in the second half of 2027.
A New Contract for Borgland Dolphin Rig
The contract would be activated immediately upon completion of the current engagement with Repsol Investigaciones Petrolíferas, ensuring operational continuity of the asset without interruptions.
As reported, the initial contract period will extend until October 2031, coinciding with the rig’s next Special Periodic Survey (SPS). This timeframe includes both mobilization and demobilization of the unit.
Additionally, the agreement includes options to extend operations for up to five additional years, reinforcing its strategic nature within the company’s portfolio.
The letter of intent incorporates a termination clause with compensation of up to $3.8 million in favor of Dolphin Drilling, subject to final contract formalization and corresponding internal approvals.
The Borgland Dolphin is a semi-submersible rig designed for mid-water and deepwater operations, with the capability to operate in demanding environments.
Built in 1977 and subsequently modernized, this unit is part of Dolphin Drilling’s strategic fleet, focused on global oil and gas exploration and production projects.
In this context, the new agreement strengthens the company’s presence in the offshore segment and consolidates sustained demand for drilling rigs in international markets.
Source and photo: Dolphin Drilling