Dolphin Drilling, an offshore drilling contractor, has ended its agreement with Peak Petroleum Industries Nigeria Limited for a semi-submersible rig deployed off the coast of Nigeria. The termination results from the consistent violation of terms by the Nigerian company,leadership reports.
In March 2023, Dolphin Drilling initially entered into a contract for the Blackford Dolphin semi-submersible rig with Peak Petroleum Industries Nigeria Limited. The agreement, valid for operations off Nigeria, stipulated an effective day rate, including mobilization fees, set at $325,000 for the minimum firm contract period. Regrettably, due to ongoing breaches of the contract, Dolphin Drilling has chosen to terminate this arrangement.
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Built in 1974, the Blackford Dolphin is a semi-submersible drilling rig designed as an Enhanced Aker H-3 model, providing accommodation for up to 120 individuals. Despite the contract termination, the rig has maintained a robust operational performance of 98.3% while conducting operations for General Hydrocarbons Limited (GHL) throughout the quarter.
The reported contract backlog in the third quarter of 2023 has been adjusted to reflect the termination, ensuring it remains consistent with the previously disclosed level.