Dolphin Drilling is reviewing a proposal from General Hydrocarbons Limited (GHL) that could involve deploying the Blackford Dolphin rig in Nigeria alongside a cash payment covering part of an arbitration award.

GHL contacted Dolphin Drilling with the indicative and non-binding proposal concerning settlement of the arbitration award.

Dolphin Drilling said the current proposal does not meet its requirements. However, the company considers GHL’s decision to make contact a positive development and is prepared to discuss proposals capable of providing a commercially sound result after taking all relevant factors into account.

The company cautioned that discussions may not begin and, if they do, may not progress or result in an agreement. The terms, structure, consideration and timing of any potential agreement also remain uncertain.

Regardless of possible discussions with GHL, Dolphin Drilling will continue its collection efforts relating to the unsecured claim.

The company said further information will be provided when appropriate.