OSLO, Norway — Dolphin Drilling has raised about $60 million via a private placement of new share to fund the acquisition of two semisubmersible drilling rigs from Transocean.
The company is acquiring the Transocean Leader and the Paul B. Loyd Jr for a total of $61.5 million.
CEO Bjørnar Iversen said, “The addition of these efficient rigs allows us to further consolidate the midwater rig segment in a tightening market, characterized by historically low supply and surging day rates across offshore basins."
Currently, the Paul B. Loyd Jr. is under contract with Harbour Energy in the UK North Sea. Dolphin as the new owner already has a letter of intent from Harbour for a firm three-year extension to this contract to September 2027. The estimated revenue, including what remains of the existing contract, is $279 million.
Harbour also has a further five one-year options for future projects after the extension period.
Transocean Leader is stacked in the UK.