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Dolphin Drilling Says General Hydrocarbons Moves to Settle $105 Million Arbitration

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Dolphin Drilling (DDRIL.OL) received a non-binding, indicative proposal from General Hydrocarbons to settle their long-running dispute involving a $105 million arbitration award.

General Hydrocarbons proposed potentially deploying the Blackford Dolphin rig in Nigeria, combined with a cash settlement of part of the award, according to a Friday release.

The Norwegian offshore drilling contractor said the proposal does not meet its requirements but considers the move a "positive development." Dolphin Drilling added that it is prepared to engage with General Hydrocarbons to find a workable solution to the dispute.

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