Dolphin Drilling obtains UK acceptance for Paul B. Loyd, Jr. Safety Case
(Oslo, 10 November 2023) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today announces Safety Case acceptance from the UK Offshore Major Accident Regulator (OMAR) for the semi-submersible Paul B. Loyd, Jr., being acquired from Transocean to develop a leading offshore drilling contractor in the UK sector.
“We are excited about the rapid UK Competent Authority response to our material change submission following an efficient application process in close cooperation with Transocean for the Paul B. Loyd, Jr., where Dolphin Drilling systems are accepted in accordance with Safety Case regulations. We hold a rich history as a drilling pioneer in the North Sea with a long track-record in the UK, where we now aim to build the position as the leading drilling contractor, “says Bjørnar Iversen, CEO of Dolphin Drilling.
Reference is made to the announcement 22 June 2023 regarding the acquisition of two semi-submersible rigs, the Paul B. Loyd, Jr. and the Transocean Leader. The agreement was conditioned upon acceptance of a material change of the Paul B. Loyd, Jr. UK HSE safety case to Dolphin Drilling as duty holder, and which was expected within 31 December 2023, and obtained ahead of schedule.
Following closing of the rig acquisition the Paul B. Loyd, Jr. will be under contract with Harbour Energy in the UK with the firm period slated to last until September 2027, with another 5 x 1 year option periods thereafter.
“This transaction signifies an important stride for Dolphin Drilling as we showcase our operational platform's capacity to incorporate additional assets and generate immediate, robust cash flows for our shareholders. We see strong interest for our offshore floater rigs in the UK sector, providing safe and efficient drilling operations for our clients, “Iversen concludes.
ENDS
For further information, please contact:
Ingolf Gillesdal, Corporate Finance and Investor Relations, Mobile: +47 920 45 320, Email: Ingolf.gillesdal@dolphindrilling.com
Dolphin Drilling | www.dolphindrilling.com
Dolphin Drilling is a leading harsh environment drilling contractor for the offshore oil and gas industry. Dolphin Drilling owns a fleet of three high-technical standard 4th and 5th generation enhanced Aker H3 units, Borgland Dolphin, Blackford Dolphin, and Bideford Dolphin, operated by an experienced team with a strong operational