US$20.75m Awarded to Dolphin Drilling following contract cancellation
London, November 20, 2024, (Oilandgaspress) –––Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) announced today that it has reached agreement with EnQuest PLC on the early termination of the previously announced 137-day drilling programme for Borgland Dolphin. In exchange for the cancellation of the contract EnQuest shall pay Dolphin a fee of USD 20.75 million before the end of November.
Borgland Dolphin is currently at Las Palmas, Gran Canaria. The earlier planned class renewal will be paused while future contract opportunities continue to be assessed. The rig is currently tendered toward several campaigns with attractive economics. However, no further commitments are planned to be made prior to the signing of a firm agreement.
Bjørnar Iversen, CEO, said “While disappointing to receive the cancellation of the contract, we continue to focus our efforts on securing long term backlog for the Borgland. The timing of the termination allows us to pause the SPS, improve liquidity, and carefully plan the next steps.”
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