Dolphin Drilling has announced the contract fixture of its semi-submersible drilling rig Borgland Dolphin with an undisclosed operator in the UK, which represents approximately $239 million in firm contract backlog.
The contract is scheduled to commence in the second half of 2027, in direct continuation following release of the Borgland Dolphin from its existing contract. The firm term runs through to the expiry of the rig’s current Special Period Survey in October 2031 (inclusive of mobilization and demobilization). The contract includes options for up to a further five-years.
Chief Executive Officer, Michael Boyd, said: “This contract award represents a significant milestone for Dolphin Drilling, materially strengthening our firm backlog to approximately $602 million. Importantly, it delivers long-term earnings visibility across two rigs in the UK, both rigs firmly secured on contract for the next five years, as we guided on and in line with the strategic plan for Dolphin.
“With this enhanced backlog, we are establishing a more robust and cost-efficient operating platform, positioning the company to generate sustainable cash flows and capture further opportunities in an increasingly tight offshore drilling market.”
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