Repsol S.A. REPYY, a Spanish energy company, has signed an agreement with Dolphin Drilling, an offshore drilling contractor, for the Borgland Dolphin semi-submersible drilling rig. Per the terms of the deal, Dolphin Drilling will provide well, plug and abandonment services to Repsol. The contract is anticipated to cover seven wells and has a duration of at least 220 days. It also includes an option to extend it for three additional wells.
The contract follows a letter of intent that was signed by both parties in September 2025. The deal adds approximately $60 million to Dolphin Drilling’s contract backlog. Following confirmation, Dolphin Drilling has stated that it will now move forward with the mobilization of the offshore drilling unit to commence plug and abandonment activities for Repsol. The well, plug and abandonment operations are scheduled to begin toward the end of 2026. Mobilization of the Borgland Dolphin rig involves preparing it for the assignment and arranging for the unit to move to the project’s location.
The Borgland Dolphin semi-submersible rig is currently warm-stacked in Las Palmas. The company mentioned that it will undertake the remaining special periodic survey in Las Palmas. This is a mandatory inspection process that is conducted every five years to ensure that the rig is safe to operate and complies with offshore industry regulations. Built in 1977, the Borgland Dolphin semi-submersible rig has a maximum drilling depth of 27,800 feet and can operate in water depths of up to 1,476 feet.
REPYY currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Cheniere Energy Inc. LNG, Oceaneering International OII and Galp Energia SGPS SA GLPEY. While Cheniere Energy sports a Zacks Rank #1 (Strong Buy) at present, Oceaneering International and Galp Energia carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cheniere Energy is involved in LNG-related businesses, which include LNG terminals and natural gas marketing. The company has achieved a milestone with the first production from the first LNG train of its Corpus Christi Stage 3 Liquefaction Project. The project, which includes seven midscale LNG trains, aims to expand the production capacity of the Corpus Christi Liquefaction facility. This expansion is expected to enhance Cheniere’s position in the rapidly growing global LNG market, enabling it to meet the rising demand for LNG both in the United States and internationally.