Dolphin Drilling signs Letter of Intent for Paul B. Loyd Jr

Dolphin Drilling signed a Letter of Intent (LOI) in connection with a potential new contract for the 4th-generation harsh-environment semisubmersible Paul B. Loyd Jr through 2030.

The LOI, which is subject to certain conditions, outlines the parties’ intention to work towards a contract with a duration of 2.5 years, until August 2030. The new contract, in direct continuation of the unit’s current contract, materially increases Dolphin Drilling’s backlog and provides long-term earnings visibility through 2030. Subject to future project requirements, the operator also retains options to extend the engagement for up to a further five years beyond the firm contract period.