Offshore drilling contractor Dolphin Drilling announced that it has signed a definitive sales and purchase agreement (SPA) with SPM Energy Shipping FZCO (SPM) to sell the semi-submersible drilling rig “Blackford Dolphin” to the latter for $25 million. The transaction has now been completed.
According to publicly available information, the “Blackford Dolphin” was built in 1974 and is now 52 years old; it is a fifth-generation enhanced Aker H-3 semi-submersible drilling rig. The rig underwent a major upgrade in 2008, bringing its topside module up to a standard close to that of the sixth generation.
The “Blackford Dolphin” has a total length of 113.4 meters, a beam of 85.98 meters, a maximum operating water depth of 1,829 meters, and a maximum drilling depth of 9,144 meters, with a crew capacity of approximately 120 people.
In addition to the sale agreement, Dolphin Drilling and SPM simultaneously signed a memorandum of understanding aimed at managing future drilling contracts for the “Blackford Dolphin” and another semi-submersible drilling rig, as well as any other drilling rigs or units that the parties may agree upon (hereinafter referred to as the “Management Arrangement”). This Management Arrangement is intended to lead to the execution of a management agreement and other agreements, subject to final documentation and customary closing conditions.
Under the Management Arrangement, SPM will market the relevant drilling rigs in India and other regions agreed upon by both parties. As the owner of the drilling rigs, SPM will bear the capital costs, operating expenses, and guarantees associated with future drilling contracts.