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."
