Dolphin Drilling AS – Update on Blackford Dolphin

Source: www.gulfoilandgas.com 5/21/2024, Location: Africa

Dolphin Drilling AS (Dolphin Drilling, OSE:DDRIL) refers to the 10 May 2024 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.

As reported on 15 May 2024, a mutually acceptable sole arbitrator has been appointed by the Nigerian courts. On 20 May 2024, the court directed that an existing interim injunction, to maintain status quo, continue in force pending orders by the arbitrator. The Company shall be making submissions for consideration by the arbitrator, seeking the discharge of the interim injunction, in the course of this week.

The Company also wishes to inform that it has today received service of Nigerian court proceedings in an action brought by Technova Africa International Limited (Technova). Technova has obtained an ex parte order of arrestment against the Blackford Dolphin. The Company is in process of reviewing the court proceedings and confirms that it considers the claims of Technova to be without merit. The Company shall be taking immediate steps to contest the court proceedings including to contest the said order.

The Company will continue to update the market on any material developments in each of the above matters as they occur.


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