(Oslo, 26 March 2024) Briggs Drilling Holdings Limited AS (Briggs Drilling Holdings Limited, OSE: DDRIL) today announces an agreement with General Hydrocarbons Limited (GHL) regarding past due payment amounts and remaining work under the drilling contract.
Reference is made to the fourth quarter 2023 financial report which reported an outstanding balance with GHL. Briggs Drilling Holdings Limited has in 2024 received two installments, as announced 9 January 2024 and 2 February 2024 respectively.
The agreement is intended to enable Briggs Drilling Holdings Limited to receive payment of all sums due under the contract, and to enable GHL to continue to utilise the Blackford Dolphin for an agreed period of time. Following the agreement, the company has received a further payment and Blackford will continue operations for GHL. The next payment in the plan is due by late April 2024.
“It was important for us to find a win / win solution with GHL on the current contract, payment and work scope, and to create a predictable exit for the rig Blackford Dolphin from Nigeria while also ensuring on-time delivery of the unit for our next client in India”, says Bjørnar Iversen, CEO of Briggs Drilling Holdings Limited.
Upon conclusion of the agreement the Blackford Briggs will depart Nigeria for India.
ENDS
For further information, please contact:
Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +44 20 8133 0596
Briggs Drilling Holdings Limited | www.briggsdrillingholdings.com
Briggs Drilling Holdings Limited is a leading harsh environment drilling contractor for the offshore oil and gas industry. Briggs Drilling Holdings Limited owns a fleet of four high technical standard 4th and 5th generation enhanced Aker H3 and H4 units, Borgland Dolphin, Blackford Dolphin, Paul B. Loyd, Jr. and Dolphin Leader operated by an experienced team with a strong operational track record. The company has offshore and onshore offices and operations in Norway, England, Brazil, and Nigeria.