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)

MULTI-YEAR CONTRACT FOR POLARCUS XArray ACQUISITION

January 20, 2017

Polarcus has received a letter of award from TGS-NOPEC Geophysical Company for acquiring 30,000 sq.km. of 3D multi-client data in Europe. Approximately...

Read More+
ULSTEIN DELIVERS ISLAND VENTURE

January 20, 2017

Island Venture, delivered on 17 January 2017, is the largest Offshore Construction Vessel (OCV) from Ulstein Verft, with a length of 160 metres and a beam...

Read More+
ONE SUBSEA BAGS UTGARD CONTRACT

January 20, 2017

OneSubsea, a Schlumberger company has been awarded an engineering, procurement and construction contract by Statoil to supply the subsea production system...

Read More+
BOVANENKOVO-UKHTA 2 OPERATIONAL

January 19, 2017

Gazprom inaugurated the Bovanenkovo – Ukhta 2 gas trunkline during a ceremony held at the Bovanenkovskoye field, in the Yamal Peninsula. The Bovanenkovo...

Read More+
TULLOW OIL DISCOVERS OIL IN NORTHERN KENYA

January 19, 2017

Tullow Oil announced that the Erut-1 well in Block 13T, Northern Kenya, has discovered a gross oil interval of 55 metres with 25 metres of net oil pay...

Read More+
NOBLE TO ACQUIRE CLAYTON WILLIAMS

January 19, 2017

Noble Energy and Clayton Williams Energy have executed a definitive agreement under which Noble Energy will acquire all of the outstanding common stock...

Read More+
EXXONMOBIL TO DOUBLE PERMIAN BASIN RESOURCE

January 19, 2017

ExxonMobil will more than double its Permian Basin resource to 6 billion barrels of oil equivalent through the acquisition of companies owned by the Bass...

Read More+
BAKER HUGHES AND SCHLUMBERGER AWARDED CAT J CONTRACTS

January 18, 2017

Baker Hughes and Schlumberger will be awarded by Statoil the contracts for integrated drilling and well services on the Cat J rigs Askepott and Askeladden....

Read More+
TechnipFMC: A NEW OFFSHORE GIANT

January 18, 2017

TechnipFMC announced that it is operating as a unified, combined company following completion of the merger of FMC Technologies and Technip. The merger...

Read More+
APA: STATOIL AWARDED 29 LICENCES ON THE NCS

January 18, 2017

In connection with the Award in Predefined Areas (APA) for 2016 Statoil has been awarded interests in 29 exploration licences on the Norwegian continental...

Read More+
CNOOC COMMENCES PRODUCTION AT ENPING 23-1

January 18, 2017

CNOOC Limited announced that the Enping 23-1 oilfields have commenced production. The Enping 23-1 oilfields are located in the Pearl River Mouth Basin...

Read More+
STATOIL: CAPE VULTURE WELL HITS OIL

January 17, 2017

One year after the licence award Statoil has made an oil and gas discovery at Cape Vulture close to Norne estimated at between 20 and 80 million barrels....

Read More+