Norway’s Dolphin Drilling picks $325,000-a-day Nigeria job

Norway-based Dolphin Drilling, a company that drills for oil offshore, has signed a new contract with Peak Petroleum in Nigeria.

– Key points to note

The contract, worth $325,000 a day, comes after Dolphin Drilling last October announced a 12-month contract with General Hydrocarbons Limited in Nigeria, worth $96 million.

Dolphin Drilling announced last week it had started the General Hydrocarbons contract after its rig, called Blackford Dolphin, was towed to Port Harcourt in February 2023.

“The rig has now commenced its 12-month drilling contract with GHL in Nigeria, in line with previously stated expectations,” Dolphin Drilling said.

The new project with Peak Petroleum could keep Blackford Dolphin in Nigeria by a minimum of 120 and for up to 485 more days after the General Hydrocarbon project, according to industry news website, Offshore Engineer.

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The Blackford Dolphin rig, built in 1974 with upgrades in 2008, is certified to operate in water up to 6,000 feet deep and drill to a depth of 30,000 feet.

Dolphin Drilling owns three rigs, Borgland Dolphin, Blackford Dolphin, and Bideford Dolphin. The Borgland Dolphin and Bideford Dolphin are not in use and are stored in Norway.

The effective dayrate associated with the minimum firm period of the new contract is USD 325,000, including the mobilization fee, the company said on March 9.

Bjørnar Iversen, CEO of Dolphin Drilling said: “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023.”