Blackford Dolphin signed a Letter of Award (LOA) for additional work in Nigeria as a direct continuation of the previously announced contract with General Hydrocarbon Limited, according to a statement from Dolphin Drilling (GHL).
In addition to the current GHL backlog, the LOA has the potential to increase the backlog by a minimum of 120 days and a maximum of 485 days. The minimum firm period of the LOA’s effective day rate, which includes the mobilization charge, is USD 325,000.
Blackford Dolphin landed in Las Palmas, Canary Islands, on 24 November 2022, safely moored quayside after a delayed departure from Mexico and slowed transit pace. The rig has completed a Special Periodic Survey (SPS) at the shipyard in Las Palmas, allowing for continuing operation until 2028. The Blackford Dolphin won’t leave the shipyard until the beginning of February 2023. The SPS’s capital costs are in line with the budget’s $15 million allocation.
The rig will go to Port Hardcourt in Nigeria after the SPS to begin its contract with GHL. Dolphin Drilling had more than $35 million in cash and cash equivalents as of December 31, 2022. (unaudited).