Fossil Energy – Acquisition of two rigs
Dolphin Drilling acquired the Paul B Lloyd Jr and Transocean Leader from Transocean.
The double acquisition signals exciting times for the Company as Dolphin showcases its operational platform’s capacity to incorporate additional assets and generate immediate, robust cash flows for our shareholders.
The addition of these rigs allows Dolphin to consolidate the midwater rig segment in a tightening market, characterized by historically low supply and surging day rates across offshore basins.
Currently Paul B Loyd Jr is under contract with Harbour Energy in the UKCS, with a firm period until September 2024.
In connection with the acquisition, Dolphin Drilling has entered into a LoI with Harbour Energy, extending the firm contract period for Paul B Loyd Jr for an additional three years until September 2027.
