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Dolphin Drilling Expands Backlog With New Harbour Energy North Sea Deal

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Dolphin Drilling secured a new UK North Sea contract worth about $150 million that extends work for the Paul B. Loyd Jr. rig through August 2030, the company said Monday.

Harbour Energy awarded the contract for the semi-submersible Paul B. Loyd Jr. rig in the UK sector of the North Sea following a letter of intent announced on April 7, Dolphin Drilling said.

The new agreement will begin after the current firm term expires and adds about $150 million in firm backlog while extending earnings visibility through 2030, the company said.

Harbour Energy also secured options to extend the rig contract for as long as five additional years under the agreement.

"It provides both parties with stability and the platform to continue to deliver safe and efficient operations," Dolphin Drilling Chief Executive Officer Michael Boyd said.

Dolphin Drilling also extended the Blackford Dolphin drilling contract with Oil India for work east of India, the company said.

The Blackford Dolphin rig will remain under contract through the end of July 2026 to complete drilling, testing and abandonment activities under the existing contract terms, the company said.

Dolphin Drilling increased its firm contract backlog to $362 million and holds another $849 million in letters of intent and options, Boyd said.

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