Dolphin Drilling AS has announced an agreement with General Hydrocarbons Limited (GHL) regarding past due payment amounts and remaining work under the drilling contract.

Reference is made to the fourth quarter 2023 financial report which reported an outstanding balance with GHL. Dolphin Drilling has in 2024 received two installments, as announced 9 January 2024 and 2 February 2024 respectively.

The agreement is intended to enable Dolphin Drilling to receive payment of all sums due under the contract, and to enable GHL to continue to utilise the Blackford Dolphin for an agreed period of time. Following the agreement, the company has received a further payment and Blackford will continue operations for GHL. The next payment in the plan is due by late April 2024.

“It was important for us to find a win / win solution with GHL on the current contract, payment and work scope, and to create a predictable exit for the rig Blackford Dolphin from Nigeria while also ensuring on-time delivery of the unit for our next client in India”, says Bjørnar Iversen, CEO of Dolphin Drilling.

Upon conclusion of the agreement the Blackford Dolphin will depart Nigeria for India. In March 2023, Dolphin Drilling said it has resumed a one year drilling campaign with one of its semi-submersible rigs to a location in a deepwater Oyo oilfield Nigeria. The resumption of the drilling contract is sequel to the (LoA) for the Blackford Dolphin semi-sub rig from September 2022, the offshore drilling contractor confirmed the formal approximately $96 million with General Hydrocarbons Limited (GHL) in October 2022 for operations in Nigeria.

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After the completion of its recertification for a new five-year period in Las Palmas, Spain, the Blackford Dolphin was towed to Port Harcourt in Nigeria in February 2023. The rig has now commenced its 12-month drilling contract with GHL in Nigeria, in line with previously stated expectations.