The formal contract with an undisclosed operator in the UK follows a letter of intent signed in mid-April.

The deal for the rig will add around $239m in firm contract backlog and is scheduled to commence in the second half of 2027, in direct continuation following the rig’s release from its existing contract.

The firm term runs through to the expiry of the rig’s current special period survey in October 2031, inclusive of mobilisation and demobilisation. The contract also includes options for up to a further five years, with a contribution to the SPS.

“This contract award represents a significant milestone for Dolphin Drilling, materially strengthening our firm backlog to approximately $602m. Importantly, it delivers long-term earnings visibility across two rigs in the UK, both rigs firmly secured on contract for the next five years,” said Michael Boyd, CEO of Dolphin Drilling.