Dolphin Drilling has announced that an undisclosed party has signed a letter of intent for a contract for the rig Borgland Dolphin. The potential contract is expected to have a value of approximately USD 230 million and is scheduled to commence in the second half of 2027, in direct continuation following release of the Borgland Dolphin from an existing contract with Repsol Investigaciones Petroliferas S.A.
The firm term runs through to the expiry of the rig’s current Special Period Survey in October 2031 (inclusive of mobilisation and demobilisation) and is expected to have options for a further 5-years.
The parties intend to continue negotiation of the Contract pursuant to the letter of intent - which includes a termination fee of up to USD 3.8 million in favour of Company - and is subject to agreement and respective management approvals.
Source: Dolphin Drilling
