Offshore drilling contractor Dolphin Drilling has signed a letter of intent (LOI) for a potential contract involving its Borgland Dolphin semi-submersible drilling rig. The deal, if finalized, is expected to be worth around $58 million.
The contract, slated to begin in the second half of 2026, would cover payments for preparation for operation, mobilization, and demobilization. While discussions are ongoing, Dolphin Drilling emphasized that there is no certainty until final terms are agreed and necessary partner approvals are secured.
Originally built in 1977 by Harland & Wolff and upgraded in 1998/1999, the Borgland Dolphin is a proven semi-submersible rig with a maximum drilling depth of 27,800 feet and the capability to operate in 1,476 feet of water.
The rig was initially lined up for a 137-day drilling program for EnQuest in the Kraken field, but that contract was canceled after joint venture partners failed to reach agreement on the project’s 2025 drilling program. If awarded, this new contract would secure long-term work for the Borgland Dolphin and reinforce Dolphin Drilling’s position in the offshore drilling market.
