Dolphin Drilling commences operations offshore UK after acquiring Transocean rigs

Dolphin Drilling began operations and the final transfer of ownership for the two previously acquired rigs from Transocean. Of them, the Paul B. Loyd, Jr. semisubmersible has a firm revenue backlog of $280 million, bolstering Dolphin Drilling’s status in the UK sector.

“To commence operations is an important milestone for Dolphin Drilling as we showcase our operational platform’s capacity to incorporate additional assets,” said Bjørnar Iversen, CEO, Dolphin Drilling. “We see strong interest for our offshore floater rigs in the UK sector, providing safe and efficient operations for our clients.”

Reference was made to the 22 June 2023 announcement regarding acquiring two semisubmersible rigs, the Paul B. Loyd, Jr. and the Transocean Leader. The rigs were acquired for a net of $50 million, with $6.1 million being paid in Q3 2023.

Following the closing of the rig acquisition, the Paul B. Loyd, Jr. will be under contract with Harbour Energy in the UK with the firm period until February 2028, with another 5 x 1-year option periods thereafter. Additionally, the company has entered into a 5+5-year master service agreement (MSA) with Harbour Energy.

“The MSA with Harbour Energy allows Dolphin Drilling to work in close strategic cooperation with one of the largest North Sea E&P companies. The UK drilling market is showing positive signs, and the Dolphin Drilling fleet offers flexibility to take on all floating rig requirements in the years to come, including exploration drilling, production drilling and plug and abandonment work across the UK sector,” Mr Iversen added.