Dolphin Drilling divesting and recycling rig recently acquired from Transocean

Offshore drilling contractor Dolphin Drilling has disclosed its intention to sell a semi-submersible rig for recycling, only months after acquiring it from its peer, Transocean.

Dolphin Leader, former Transocean Leader, rig; Source: Transocean

Dolphin Drilling expanded its fleet a few months ago by buying two semi-submersible rigs – Paul B. Loyd Jr. and Transocean Leader – from Transocean for a total of $64.5 million and disclosed a further three-year extension for the first rig from Harbour Energy, prolonging the contract for additional three years until September 2027. 

The offshore drilling player explains that the decision to sell and recycle the Dolphin Leader, former Transocean Leader, rig is part of its ongoing efforts to optimize its fleet and enhance operational efficiency. Once the rig has been sold, Dolphin Drilling will collect a net $5.8 million. The firm highlights that the rig will be recycled responsibly per applicable international standards.

The 1987-built Dolphin Leader Aker H-4.2 non-self-propelled semi-sub rig had significant upgrades in 1997 and 2012. With a maximum drilling depth of 25,000 ft, it can accommodate 110 people. This rig has been stacked in the UK’s Cromarty Firth since 2020.

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Last month, Dolphin Drilling embarked on arbitration proceedings in Nigeria, where another one of its rigs worked for Lagos-based General Hydrocarbons Limited (GHL). The company was also gearing up to dispute court proceedings in an action brought by Technova Africa International Limited (Technova).