en.Wedoany.com Reported - Norwegian drilling contractor Dolphin Drilling has signed a contract with an undisclosed oil and gas operator to deploy its semi-submersible drilling rig Borgland Dolphin for operations on the UK Continental Shelf (UKCS).

Under the signed Letter of Intent (LOI), the contract has a firm order value of approximately $239 million and is expected to commence in the second half of 2027. The firm term will last until the rig's current Special Periodic Survey (SPS) expires in October 2031, and includes mobilization and demobilization work. The contract also includes options for up to five additional years and contributes to the SPS.

The Borgland Dolphin rig, built by Harland & Wolff in 1977, weighs 18,000 tons and measures 109 meters in length and 67 meters in width, supported by 12 robust pillars. The rig underwent a major upgrade in 1998/1999 and has a maximum drilling depth capacity of 27,800 feet, capable of operating in water depths of 1,476 feet. Last year, the rig was selected by Repsol for a seven-well drilling contract, with an option for three additional wells.

Dolphin Drilling CEO Michael Boyd stated that this contract award is a significant milestone for the company, pushing the firm order backlog to approximately $602 million. Boyd emphasized that the contract provides long-term revenue visibility for the company's two rigs in the UK, both of which are now firmly contracted for the next five years. He also noted that with the enhanced order backlog, the company is building a more robust and cost-effective operational platform to generate sustainable cash flow and seize further opportunities in the offshore drilling market.

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