DOLPHIN DRILLING DECLARES BANKRUPTCY
Dolphin Drilling, the Norwegian harsh environment drilling contractor for the offshore oil and gas industry, announced that it has successfully completed a financial restructuring which will enable it to move forward and deploy its rigs into the attractive UK and Norwegian markets. Formerly known as Fred. Olsen Energy, Dolphin had debt of just over $1 billion (788.6 million pounds) at the end of 2018 and a net loss for the year of almost $300 million, according to its annual report
Dolphin Drilling ASA’s operating subsidiaries have now been transferred to a new holding company, Dolphin Drilling Holdings Limited , which is incorporated in Jersey and will be net-debt free, with a strong balance sheet and increased financial flexibility.
Dolphin Drilling ASA, the old holding company, filed for bankruptcy 26th of June in Norway and is expected to be wound down in an orderly fashion.
Following the successful completion of this financial restructuring a new world-class management team, which collectively has over 100 years of experience in offshore drilling, will drive the company forward. Dolphin Drilling can now focus on putting its ready-to-operate fleet to work.
The company’s new majority shareholder, investment funds advised by Strategic Value Partners, LLC and/or its affiliates (SVPGlobal), is fully supportive of the company and the new management team. These developments, combined with Dolphin Drilling’s 55 years of industry leading harsh environments market experience, position the company well for the future.
Bjørnar Iversen, incoming Chief Executive Officer of Dolphin Drilling, said:
“We are delighted that Dolphin Drilling has now emerged in a strong position for the future. In addition to the company’s focused, nimble fleet and high-quality team, we now have the firm financial footing we need to win new business. I look forward to working with the team to ensure that the company fulfills its full potential.”
(Source: Dolphin Drilling – Image: artist’s view of the Borgland Dolphin)