Blackford Dolphin – termination of contract with GHL
London, 30 April 2024, (Oilandgaspress): – Dolphin Drilling AS today announced issuance of notice of termination to General Hydrocarbons Limited (“GHL”).
Reference is made to the press release dated 26 March 2024 concerning the agreement reached between the Company and General Hydrocarbons Limited (‘GHL’) in relation to past due payment amounts and remaining work under the drilling contract for the Blackford Dolphin. Reference is also made to the trading update announced by the Company on 10 April 2024, and the announcement released by the Company yesterday in relation to the expected credit loss against sums due from one customer of USD 42.6 million.
The terms for payment under the agreement with GHL have not been met, and the Company therefore confirms that it has, in accordance with the agreement, today issued a notice of termination to GHL. The Company will now prepare the Blackford Dolphin for transit to India in the near term and intends to pursue the recovery of sums remaining due by GHL. Any further information will be provided in due course.
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Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL), has today published the company’s Annual Report and ESG report for 2023.
