Dolphin Drilling AS announced the commencement of operations and the final transfer of ownership for the two acquired rigs from Transocean. The semi-submersible Paul B. Loyd, Jr. has a firm revenue backlog of USD 280 million, and the finalization of this acquisition will position Dolphin Drilling as a leading offshore drilling contractor in the UK sector. Reference is made to the announcement 22 June 2023 regarding the acquisition of two semi-submersible rigs, the Paul B. Loyd, Jr. and the Transocean Leader.

The rigs were acquired for net USD 50 million, whereof USD 6.1 million was paid in third quarter 2023 (gross USD 64.5 million less net cash flow earned since June 2023). The estimated EBITDA from the firm backlog cover for more than three times the net acquisition price.