Offshore drilling contractor Dolphin Drilling is seeking to recover $105 million awarded in arbitration against Nigeria’s General Hydrocarbons Limited (GHL), after the country’s debt recovery agency appointed a receiver to take control of the company.
The Asset Management Corporation of Nigeria (AMCON), a state-run agency tasked with recovering non-performing loans and stabilizing the country’s financial system, has appointed a receiver/manager to assume control of GHL, Dolphin said.
The receiver has advertised the appointment and instructed all GHL creditors to file their claims, according to Dolphin’s legal counsel in Nigeria.
“It is Dolphin’s understanding that the receiver/manager appointment can be challenged by GHL,” the company said.
Dolphin said it will continue to pursue collection efforts for its unsecured claim and seek engagement with the appointed receiver in line with Nigerian law.
The update follows a July 2025 ruling by the Federal High Court of Lagos granting Dolphin leave to enforce an arbitration award against GHL relating to the termination of a rig contract.
The award requires GHL to pay about $105 million to Dolphin Drilling for ending an agreement covering the Blackford Dolphin semi-submersible rig, which had been hired for drilling operations off Nigeria.
Dolphin terminated the contract in April 2024 citing non-payment issues. The Blackford Dolphin, built in 1974 and upgraded in 2008, has a maximum operating water depth of 6,000 feet (1,829 metres) and a drilling depth of up to 30,000 feet (9,144 metres).
Following the cancellation, the rig was redeployed under a $154 million contract with Oil India.