New Letter of Award signed for Blackford Dolphin in Nigeria

(Oslo, 9 January 2023) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) announce a new Letter of Award (LOA) for the Blackford Dolphin and provides an update on the rig status.

Blackford Dolphin has signed a Letter of Award for additional work in Nigeria in direct continuation with the previously announced contract with General Hydrocarbon Limited (GHL). The LOA has the potential to extend the backlog by a minimum of 120 days and up to 485 days, in addition to the existing GHL backlog. The effective dayrate associated with the minimum firm period of the LOA is USD 325,000, including the mobilization fee.

Following a delayed departure from Mexico and reduced transit speed, Blackford Dolphin arrived in Las Palmas, Canary Islands, and was safely moored quayside on 24 November 2022. At the shipyard in Las Palmas the rig has undergone a Special Periodic Survey (“SPS”) allowing for continuous work until 2028. Blackford Dolphin will remain at the shipyard until early February 2023. The capital cost associated with the SPS is in line with the budget of $15 million.

After the SPS, the rig will transit to Port Hardcourt in Nigeria and commence its contract with GHL.

At 31 Dec 2022 Dolphin Drilling held cash and cash equivalents in excess of $35 million (unaudited).

For further information, please contact:

Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com
Dolphin Drilling is a leading harsh environment drilling contractor for the offshore oil and gas industry. Dolphin Drilling owns a fleet of three high-technical standard 4th and 5th generation enhanced Aker H3 units, Borgland Dolphin, Blackford Dolphin, and Bideford Dolphin, operated by an experienced team with a strong operational track record. The company has approximately 260 offshore and onshore employees, and onshore locations in Norway, Scotland, Brazil, Nigeria, and Mexico.