Offshore drilling contractor Dolphin Drilling has moved its 1990-built semi-submersible rig to Caledonia field in the North Sea ahead of upcoming permanent plug and abandonment (P&A) operation.
The rig, Paul B. Loyd Jr., has completed operations at Harbour Energy's Brodgar well, including two appraisal wells, a development well, and a completion, all delivered at 98% rig-related uptime.
The rig is now moored up at the Caledonia field of the U.K. North Sea for a permanent (P&A) operation, as part of the contract with Harbour Energy, which has the rig firmly committed through to February 2028.
The mid-water harsh-environment rig, Paul B. Loyd Jr., is capable of operating at a maximum water depth of 600 m and boasts a proven track record in the U.K. and Norwegian sectors of the North Sea.
Originally entering service in 1990, Paul B. Loyd Jr. became the newest addition to Dolphin Drilling’s fleet in 2024.
With an enhanced Aker H-4.2 design, some of its features include superior stability in rough seas and harsh weather, as well as advanced subsea handling capabilities.
Earlier in May, Dolphin Drilling entered into an amendment agreement with respect to its existing $65 million facility agreement with security inter alia over the refinancing of the rig Paul B Lloyd Jr.
The agreement provided for amortization relief of the instalments payable for April, May and June 2025 for a total amount of $5 million and a waiver of the market capitalization covenant from March 2025 until May 31, 2025.
The lender under the Paul B. Loyd Jr. facility consented to an extension of certain conditions for the waiver and payment deferral from May 5, 2025, until and including May 31, 2025.