Dolphin Drilling predicts rig rates staying strong for moored semisubs

Market sentiment toward offshore drilling for the floater rig sector is cautiously optimistic, Dolphin Drilling said in a results update.

Rates for moored semisubmersibles have been rising due to general undersupply of available rigs kept competitive in class—unlike other rig segments where available supply of rigs has risen.

There are at present no newbuild semisubs on order and only a few reactivation candidates, Dolphin added. Recent uncertainty in the deepwater market has led to further capacity reductions by scrapping already cold-stacked or uncompetitive rigs.

At the same time, industry consolidation processes could result in stronger and larger drillers emerging as the year goes on.

In fourth-quarter 2024, Dolphin Drilling had two rigs on contract and one unit progressing 
reactivation prior to being returned to stack:

• The Paul B. Loyd, Jr. semisubmersible drilling rig has been working for Harbour Energy in the UK. 
• The Blackford Dolphin semisubmersible drilling rig began a contract in November 2024 with Oil India Ltd. offshore India. 
• The Borgland Dolphin semisubmersible drilling rig is in lay-up at Las Palmas, Gran Canaria. The rig had been undergoing its planned class renewal, but in November 2024 its upcoming contract with EnQuest in the UK was cancelled for convenience, and the company agreed an early termination fee with the customer.