Dolphin Drilling is considering the possible scrapping of a further rig as it streamlines its fleet in the wake of a financial restructuring pact.

The Oslo-listed rig contractor has already decided to sell 2014-built ultra-deepwater drillship Bolette Dolphin to help repay debts of around $738 million as part of the recapitalisation exercise, which is backed by investment firm Strategic Value Partners (SVPGlobal).

That would leave Dolphin with four remaining old midwater semi-submersible rigs, although incoming chief executive Bjornar Iversen told Upstream one of them - the 1974-built Byford Dolphin - is being considered for scrapping “but we might change our minds if the market turns”.