Dolphin Drilling has finalized a long-term contract with Harbour Energy for the semisubmersible drilling rig Paul B Loyd Jr in the UK North Sea.
The agreement will start immediately after the rig’s current firm period ends. It also confirms the letter of intent announced in April.
The new firm term runs until 30 August 2030 and adds about $150 million to the contract backlog of Dolphin Drilling.
The contract also gives Harbour Energy options to extend the rig’s work for up to five additional years.
The agreement keeps Paul B Loyd Jr active without idle time and extends its work in a North Sea market where demand for harsh-environment semisubmersible rigs has remained relatively firm.
Dolphin Drilling also confirmed continued work for Blackford Dolphin with Oil India Limited. The deepwater-capable semisubmersible is now expected to remain on contract until the end of July 2026 for drilling, testing and abandonment work east of India.
Chief executive Michael Boyd said Dolphin Drilling holds $362 million in firm contract backlog. A further $849 million is linked to letters of intent and options previously disclosed in April.
