Oslo-listed offshore drilling firm Dolphin Drilling has informed that its Blackford Dolphin semi-submersible drilling rig is on transit to India to start the contract with Oil India, following the termination of contract with General Hydrocarbons Limited (GHL) in Nigeria due to payment issues.
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.
Later in the year, Dolphin Drilling informed about significant past due payments from GHL, which have been received in part in 2024.
However, in April, Dolphin Drilling terminated the contract with GHL as terms for payment under the agreement had not been met.
In its latest update, Dolphin Drilling has confirmed the submission of a bank guarantee of $20 million and the removal of the Blackford Dolphin from Nigerian waters.
Dolphin Drilling is currently in the process of negotiating a debt facility underwritten by DNB Markets, part of DNB Bank ASA in order to bridge the funding for the security required and will continue to update the market on material developments as they occur.
The Blackford Dolphin rig is currently en route to India to commence the next contract with Oil India, under $154 million agreement secured in March 2023.
Built in 1974, the Blackford Dolphin is a semi-submersible drilling rig that 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).