Semisub rig owner Dolphin Drilling has signed a letter of intent with an undisclosed client for one of its rigs.
According to the company, the letter of intent was signed for the 1977-built Borgland Dolphin. If the LOI is turned into a firm contract, it is expected to have a value of approximately $58m.
The scheduled commencement would take place in the second half of 2026 and include payments for preparation for operation, mobilisation, and demobilisation.
Dolphin Drilling stated that discussions between the parties were still ongoing and that there can be no certainty as to whether the potential contract will be entered into.
“The award of the contract is subject to the terms and conditions of the contract having been mutually agreed between the counterparty and the company, and the counterparty having received all necessary approvals, including partner acceptances,” the rig owner explained.
The rig was supposed to be busy in 2025, but EnQuest cancelled the contract for the semisub in November last year because the Kraken partners could not agree on a 2025 drilling program.
