Dolphin Drilling has secured a new contract for its semi-submersible drilling rig Borgland Dolphin with an undisclosed UK-based operator, adding approximately $239 million to the company’s firm contract backlog.

The contract is scheduled to begin in the second half of 2027, immediately after Borgland Dolphin completes its current assignment. The firm term extends through the rig’s current Special Period Survey (SPS) cycle, ending in October 2031, and includes mobilization and demobilization.

The agreement also includes options that could extend the contract by up to five additional years, contributing further to the rig’s SPS coverage.

According to Dolphin Drilling, the award increases its firm backlog to approximately $602 million. The contract also provides long-term earnings visibility for the company’s two UK-based rigs, both of which are secured under contract for the next five years.

The company said the strengthened backlog supports a more efficient operating platform and improves its ability to generate sustainable cash flow while pursuing further opportunities in a tightening offshore drilling market.