(Oslo, 1 July 2024) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) refers to the 10 and 15 May 2024 announcements regarding the termination of the drilling contract with General Hydrocarbons Limited (GHL), and the request for arbitration to pursue the recovery of sums remaining due by GHL.
Dolphin Drilling confirms the submission of a bank guarantee of USD 20 million and the removal of the Blackford Dolphin from Nigerian waters. The rig will continue the transit to India to commence the next contract.
Dolphin Drilling is currently in the process of negotiating a debt facility underwritten by DNB Markets, part of DNB Bank ASA in order to bridge the funding for the security required and will continue to update the market on material developments as they occur.
ENDS
For further information, please contact:
Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320
Stephen Cox, CFO, tel: +44 7800 612 130
About 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 and H4 units, Borgland Dolphin, Blackford Dolphin, and Paul B. Loyd, Jr., operated by an experienced team with a strong operational track record. The company has offshore and onshore offices and operations in Norway, Scotland, and Brazil.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Ingolf Gillesdal, VP Corporate Finance and Investor Relations Dolphin Drilling AS on 1 July 2024 at 20.07 CET on behalf of the company.