Dolphin Drilling, an Oslo-listed, Aberdeen headquartered offshore drilling contractor, has signed a letter of intent (LOI) for a potential new contract for its Paul B. Loyd Jr semi-submersible rig, which could keep the unit working through 2030.
Dolphin Drilling said the LOI outlines plans for a contract with a duration of about two-and-a-half years, running until August 2030, in direct continuation of the rig’s current contract.
The agreement, which remains subject to certain conditions, is expected to materially increase backlog and provide long-term earnings visibility, Dolphin Drilling said.
The rig is currently on contract with Harbour Energy, with options for the operator to extend the engagement by up to five additional years beyond the firm period, depending on project requirements.
Paul B. Loyd Jr is a mid-water harsh-environment rig capable of operating in water depths of up to 600 meters and has worked in the U.K. and Norwegian sectors of the North Sea.
The unit, originally built in 1990, joined Dolphin Drilling’s fleet in 2024 and is based on an enhanced Aker H-4.2 design, offering stability in harsh conditions and subsea handling capabilities.