Dolphin Drilling has signed a letter of intent for a potential new contract for the Paul B. Loyd Jr semi-submersible rig, a step that could keep the unit working until August 2030.
The Oslo-listed offshore drilling contractor said the planned contract would run for about two and a half years and would continue directly after the rig’s current assignment. If the agreement is finalized, the unit would remain active without a gap between contracts.
The company said the LOI remains subject to certain conditions. Dolphin Drilling added that the potential award is expected to materially increase backlog and provide longer-term earnings visibility.
The Paul B. Loyd Jr is currently under contract with Harbour Energy. The existing agreement also gives the operator options to extend the rig’s work by up to five additional years beyond the firm period, depending on project requirements.
The rig is a mid-water harsh-environment unit capable of operating in water depths of up to 600 m. It has worked in the U.K. and Norwegian sectors of the North Sea.
Originally built in 1990, the Paul B. Loyd Jr joined Dolphin Drilling’s fleet in 2024. The semi-submersible is based on an enhanced Aker H-4.2 design, with stability for harsh conditions and subsea handling capability.
