Dolphin Drilling sells Blackford Dolphin semisub to SPM

Dolphin Drilling signed a sale and purchase agreement on 26 October to sell the semisubmersible Blackford Dolphin to SPM Energy Shipping for up to $25 million. SPM will pay $10 million on delivery of the rig and $15 million once it receives the first payment under a future drilling contract. The sale is expected to close on or about 5 November in Singapore.

The companies also signed a memorandum of understanding covering management of future drilling contracts for Blackford Dolphin, one additional semisubmersible and any other units they agree on. SPM would market the rigs in India and other agreed areas and, as owner, cover capital costs, operating expenses and guarantees tied to future contracts.

Dolphin Drilling will own two semisubmersibles after the sale and have four under management.