Dolphin Drilling, an Oslo-listed, Aberdeen-headquartered owner and operator of a fleet of three harsh environment mid-water and deep-water semi-submersible drilling rigs, has firmed up a multimillion-dollar assignment for its 36-year-old semi-submersible rig on the UK Continental Shelf (UKCS), while the firm’s 52-year-old unit remains on duty off the coast of India.
A month after signing a letter of intent (LOI) for a potential new drilling deal, Dolphin Drilling secured a contract with Harbour Energy for the Paul B. Loyd Jr. rig, which was acquired from Transocean. The UK operator also holds options to extend the engagement for up to a further five years.
The new agreement in the UK sector of the North Sea will start upon expiry of the firm term of the current arrangement for the semi-submersible. The additional firm term runs through to August 30, 2030, representing approximately $150 million in firm contract backlog.
This deal is expected to materially increase Dolphin Drilling’s backlog in direct continuation of the unit’s current engagement, providing long‑term earnings visibility through 2030. With the ability to operate in water depths of 1,969 feet, the 1990-built Paul B. Loyd Jr. rig is of Aker H 4.2 design and can accommodate 120 people.
Michael Boyd, Chief Executive Officer of Dolphin Drilling, commented: “This contract award is a testament to the partnership formed between Dolphin Drilling and Harbour Energy. It provides both parties with stability and the platform to continue to deliver safe and efficient operations.”
Meanwhile, the rig owner’s Blackford Dolphin deepwater-capable semi-submersible rig will continue its drilling contract for Oil India Limited. The rig is expected to remain on contract until the end of July 2026 to complete drilling, testing, and abandonment work at locations East of India.
The semi-submersible continues on the same terms and scope of work as the existing contract. The 1974-built Blackford Dolphin is a semi-submersible drilling rig of an enhanced Aker H-3 design, which can accommodate 120 people.
Michael Boyd, Chief Executive Officer of Dolphin Drilling, emphasized: “Dolphin Drilling now has USD 362 million in firm contract backlog with a further 849 million in LOI (as advised 14th April 2026) and options, materially improving future revenue and earnings visibility since the turn of the year.
“With the strong support of our shareholders, we continue to progress towards our objective of re-establishing Dolphin Drilling as a stable, efficient, and investable platform for growth.”
