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)

WILHEMSEN LAUNCHES FIRST COMMERCIAL DRONE DELIVERY TO VESSELS

March 19, 2019

Lifting off from Marina South Pier in Singapore with 3D printed consumables from Wilhelmsen’s onshore 3D printing micro-factory, the Airbus Skyways...

Read More+
PRODUCTION COMMENCES IN KANGEAN TSB GAS COMPLEX

March 18, 2019

JAPEX (Japan Petroleum Exploration) announced that Sirasun and Batur gas fields, which are part of the TSB gas complex in Kangean block in the Republic...

Read More+
UKOG HORSE HILL OILFIELD ACHIEVES 10,000 BARRELS MILESTONE

March 18, 2019

UKOG (UK Oil & Gas) announce that aggregate test production from the Portland reservoir at the Horse Hill oil field, in which the Company has a...

Read More+
EMERSON AND REPSOL FORM ALLIANCE ON CLOUD-BASED EXPLORATION AND SOFTWARE

March 18, 2019

Houston based Emerson and Spanish energy company Repsol, announced they have established a strategic alliance to deliver advanced subsurface geophysical...

Read More+
KITEGEN TO DEVELOP HIGH ALTITUDE WIND TECHNOLOGY WITH SAIPEM

March 18, 2019

Following the completion of extensive and intense technological research with an industrial perspective, KiteGen based in Torino, Italy, announced...

Read More+
MAY 1914 – TURNER VALLEY FIRST OIL BOOM OF WESTERN CANADA

March 17, 2019

If oil was found and commercially produced in Canada from half of the 19th century, Turner Valley became the site of Canada’s first oil boom in 1914....

Read More+
FARADAIR ANNOUNCES FIRST HYBRID ELECTRIC COMMERCIAL FLIGHT FROM 2025

March 16, 2019

British aerospace start-up Faradair, has revealed its intention to certify its revolutionary 18 seat, hybrid electric BEHA aircraft (Bio Electric Hybrid...

Read More+
MARCH 1967 – THE TORREY CANYON HITS THE SEVEN STONES REEF

March 16, 2019

The SS Torrey Canyon was built by Newport News Shipbuilding and Drydock Company in the United States in 1959. When laid down the tanker had a capacity...

Read More+
JOHAN SVERDRUP LIVING QUARTERS TOPSIDE TO SAIL AWAY FROM KVAERNER YARD

March 16, 2019

With 560 beds the Johan Sverdrup living quarters topside is the largest of its kind in Norway. The fourth and last platform for the first phase of...

Read More+
LIFE EXTENSION GRANTED FOR GULFAKS, OSEBERG, SNORRE, NORNE AND ASGARD INSTALLATIONS

March 15, 2019

Equinor has received the authorities’ approval for extending the life of eight installations on the Norwegian continental shelf (NCS) during the...

Read More+
WARTSILA TO BUILD BIO LNG PLANT IN ASKER NORWAY

March 15, 2019

The technology group Wartsila has been given Notice to Proceed for a Liquid biogas (bioLNG) plant to be built in Asker, Norway. The contract for the...

Read More+
REPSOL HIRES ROWAN EXL II JACKUP TO DRILL OFFSHORE GUYANA

March 15, 2019

Rowan Companies announced that Repsol Exploracion Guyana, S.A. has signed a contract for the EXL II, a high-specification Super 116E Jack-up rig, for...

Read More+