Global contractor Dolphin Drilling has secured further work for its Borgland Dolphin semi-submersible drilling rig. The oil rig has left a £50,000 cash donation. Olsen Energy ASA, has entered into a contract for the provision. The company has won a contract with AS Norske Shell in Norway to provide rig support. The majority lenders under the company’s $2 billion secured credit facility. Dolphin Drilling’s main shareholder, Bonheur, has decided it will no longer contribute any money. The work will commence in February following the completion of two other projects for the rig.
Company owning the undeveloped Liberator oil field and Serenity prospects in the North Sea. The proposed deal includes the sale of the Bolette Dolphin drillship. Dolphin Drilling recently announced the Borgland Dolphin had secured contracts with i3 Energy for drilling operations. UK oil giant BP has declared the first two options under a contract for use of the semi-submersible drilling. Firstly the Liberator oilfield and then the Serenity prospect in the UK’s Central North Sea. Dolphin Drilling has selected learning technologies provider Atlas Knowledge. Granite City and Stavanger following significant investment from a United States.
“We appreciate the trust Shell has placed in us by commissioning the Borgland Dolphin”, Dolphin Drilling CEO Bjornar Iversen said.
The Borgland Dolphin is believed to have set a new standard for the fastest rig turnaround. Harland and Wolff Heavy Industries Ltd joined Dolphin Drilling Ltd. It was taken from smart stacking to operational mode in just 70 days for the i3 Energy awards. Dolphin Drilling recently changed its name from Fred. Olsen Energy. Company raising cash to fund the multi-well drilling program in the area. Lenders under the company’s $2 billion secured credit facility holding more than 78%. The rig is owned by Dolphin Drilling Ltd., a subsidiary of Fred. Olsen Energy.
For the Shell contract, Dolphin Drilling will be working under the operator’s One Team system with integrated drilling. David McVeigh says the donation is a very welcome way to mark the successful completion. The contract is for a nine month period commencing first quarter 2011 supporting operations. Company providers in a water depth of approximately 450 meters on the Norwegian Continental Shelf (NCS). The estimated contract value is approximately USD 55 million. It has been trying to come up with a refinancing plan, otherwise it might face bankruptcy. It means the company, which is net-debt free.
BP has a total option period under the contract of four months. It entered into an agreement for the reorganization and recapitalization of the drilling business of the company. The company last November tried to resolve its financial problems. The majority lenders include Danske Bank, DNB, SEB, and Swedbank. BP hired the semi-submersible rig for a one well plus four options contract in January 2018. Atlas Knowledge will oversee the installation and development of the Competence assurance. The program is expected to start as early as June 2019 and is targeting STOIIPs of 314 and 197 million barrels respectively.
The drilling recapitalization will include the sale of the drillship drilling. The contract is scheduled to start in May this year. Atlas Knowledge will also provide online training courses to the company. The Blackford Dolphin rig has been visible from across Belfast since her arrival. The recapitalization of the drilling business included the sale of the Bolette Dolphin drillship. The company plans to drill the A3 appraisal well in Block 13/23c. I3 also plans to drill the first Liberator Phase I development well. It expected to convert Liberator West resources into reserves.
The proceeds from the sale will be used to repay the Dolphin Drilling’s debt to the secured lenders. Shell is a strategic client for us and we look forward to a long-term relationship with the company. This is proof Dolphin Drilling and its assets are capable of working with anyone. If BP exercises all options the contract value will increase to approximately USD 79.5 million. Other key elements of the company’s refinancing plan included the issuance of new equity. Liberator is a highly material project with attractive production potential.
The estimated contract value for the two options, with a total anticipated duration of around 60 days. Its layout is ideally suited for optimised drilling and completion work. The agreement entails that the mid-water drilling business of Dolphin Drilling will be transferred. Company look forward to securing more activity on the Norwegian Continental Shelf. CAMS allows companies to assess individual’s knowledge and performance. The fifth generation drilling and ram rig was completely rebuilt in 1999, part of the deep water. The potential buyer of the Bolette Dolphin withdrew from the sales process.
Bjornar Iversen says “The Borgland Dolphin is a highly efficient rig with an excellent performance record”.
It most of which have been recently refurbished to incorporate the latest technology. The contribution projects like this make to the local economy through local jobs. Fred. Olsen Energy ASA is listed on the Oslo Stock Exchange and provides exploration. The Borgland Dolphin also rates as one of the “greenest” mobile drilling units in the North Sea. Company will continue to pursue joint venture discussions from a position of financial strength. Bonheur said that its shareholders will be mindful that due to the recent years downturn. The 1974-built drilling rig of an Aker H3 design underwent a major deepwater upgrade in 2006/2007.
The Company focuses on rewarding long term customer relationships where innovative. One of the first drilling companies to operate in the North Sea in 1965. NewCo will assume all secured debt of Dolphin Drilling. Dolphin Drilling also has a presence in Singapore and Brazil. Bonheur said that these solutions have not been in line with its strategy. Company recently announced its new international headquarters at Howe Moss Drive, Aberdeen. The rig completed its five-year CRS in 2014 and it is now smart stacked in Flekkefjord, Norway. Company provide the very best quality of service to its clients at the best possible price.