Oslo-listed offshore drilling firm Dolphin Drilling has terminated the contract with General Hydrocarbons Limited (GHL) for the Blackford Dolphin semi-submersible drilling rig due to issues with the agreed payments.
The Dolphin Drilling’s Blackford Dolphin rig started its contract with GHL in March 2023 for an agreed period of 12 months for drilling operations offshore Nigeria.
In Dolphin Drilling’s financial report for the fourth quarter of 2023, the company informed about ‘significant past due payments’ from GHL.
Dolphin Drilling subsequently received two payments from GHL, which resulted in establishing a new agreement in March 2024 intended to enable Dolphin Drilling to receive payment of all sums due under the contract, and to enable GHL to continue to utilize the Blackford Dolphin for an agreed period of time.
Following the agreement, the company received a further payment from GHL and stated the next one was due by late April 2024.
On April 30, Dolphin Drilling announced the termination of contract with GHL as terms for payment under the agreement have not been met.
The company said it will now prepare the Blackford Dolphin for transit to India in the near term, stating also it intends to pursue the recovery of sums remaining due by GHL.
The rig is moving for the drilling assignment with Oil India under the $154 million contract Dolphin Drilling secured in March 2023.
The Blackford Dolphin semi-submersible drilling rig was constructed in 1974 and underwent significant upgrades in 2008. The rig has a maximum operating water depth of 6,000 feet (1829 meters) and a maximum drilling depth of 30,000 feet (9,144 meters).