Ithaca Energy has entered into a rig sharing agreement with Harbour Energy covering Dolphin Drilling’s 1,969-ft semisubmersible rig Paul B. Loyd, Jr. in the UK North Sea.

The agreement follows Harbour Energy’s recent contract award for the rig, which runs until 30 August 2030. Harbour Energy also holds options to extend the contract by up to five additional years. The rig has been working for Harbour Energy under different agreements since Q2 2023.

Ithaca Energy said the sharing arrangement supports its organic growth strategy in the UK North Sea. The company highlighted the potential drilling program for the Fotla development, continued infill drilling to reduce production risk, and commitments related to Plugging & Abandonment activities.

For Fotla, Ithaca Energy has already submitted the Field Development Plan and Environmental Statement. The company has also completed front-end engineering design activities and the main tendering processes, while securing long-lead items, construction vessels and rig capacity for the project.

The development is now moving into the early execution phase, supporting a targeted final investment decision by the end of 2026, subject to regulatory approvals.