Dolphin Drilling Secures Major Long-Term Contract for Borgland Dolphin

Norwegian offshore driller Dolphin Drilling has secured a binding contract valued at $239 million for its Borgland Dolphin semi-submersible rig, marking a significant milestone for the company. This contract covers the last of the company's three mid-water depth semi-submersible rigs and is scheduled to commence in the second half of 2027, directly following the rig's release from its existing contract with Repsol for work offshore Spain, which begins in the fourth quarter of 2026.

Contract Duration and Extension Options

The firm term of the contract runs through to the expiry of the rig's current Special Period Survey (SPS) in October 2031, inclusive of mobilization and demobilization periods. Additionally, the contract includes options for a further extension of up to five years, with the client expected to contribute to the cost of the SPS. The SPS is a mandatory inspection and overhaul required every five years to keep the rig certified and operational.

Strategic Impact and Backlog Strengthening

According to Dolphin Drilling CEO Michael Boyd, this contract award materially strengthens the company's firm backlog to approximately $602 million. It provides long-term earnings visibility across two other rigs in the UK, both of which are now firmly secured on contract for the next five years.