Dolphin Drilling Sells Blackford Dolphin Semi-Sub, Forges New Rig Partnership

Dolphin Drilling has agreed to sell its Blackford Dolphin semi-submersible drilling rig to SPM Energy Shipping for up to $25 million and entered into a preliminary agreement for the management of future drilling contracts involving the rig and at least one additional semi-submersible unit.

Under the definitive sale and purchase agreement signed on October 26, SPM or its guaranteed nominee will pay $10 million upon delivery of the rig, with a further $15 million payable when SPM receives its first payment under a potential future drilling contract.

The transaction is expected to close around November 5, 2026, in Singapore, with the sale expected to reduce Dolphin Drilling's operating costs, eliminate capital expenditure associated with the rig's class renewal survey and strengthen its financial position.

The Blackford Dolphin semi-submersible drilling rig, built in 1974 and upgraded in 2008, has a maximum operating water depth of 6,000 feet (1,829 metres) and can drill to depths of up to 30,000 feet (9,144 metres).

This story was originally published by Offshore Engineer. Read the full story at Offshore Engineer →