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)

CMA CGM TO OPERATE 20 LNG-POWERED CONTAINER SHIPS BY 2022

June 17, 2019

Since 2018, the CMA CGM Group has taken delivery of its first two LNG-powered vessels and it will receive a total of 20 LNG-powered container ships...

Read More+
SENEX SELLS ROMA NORTH INFRASTRUCTURE TO JEMENA

June 17, 2019

Senex Energy based in Brisbane, has agreed to sell its Roma North natural gas processing facility and pipeline to major energy infrastructure operator...

Read More+
FUGRO COMPLETES SEEP HUNTING PROJECT OFFSHORE SABAH

June 17, 2019

Fugro completed its first seep hunting project offshore Sabah, Malaysia. The project began on 21 December 2018 aboard the Fugro Equator vessel, which...

Read More+
PIONEERING SPIRIT REMOVES VALHALL ACCOMMODATION TOPSIDE

June 17, 2019

The original accommodation platform at Valhall (QP) in the southern part of the North Sea has been safely removed by the giant vessel Pioneering Spirit....

Read More+
ARTHUR LUBINSKI – MATHEMATICS TO DRILLING

June 16, 2019

Born in Antwerp, Belgium, and educated at the University of Brussels, Arthur Lubinski graduated in 1934 with the degree ingenieur civil mecanicien...

Read More+
DISCOVERER 534 – FOURTY YEARS OF DEEPWATER

June 15, 2019

The Discoverer 534 was the sister ship of the famous world record breaker Discoverer Seven Seas. The Sonat Discovered class vessel was built in 1975...

Read More+
BP STATISTICAL REVIEW OF WORLD ENERGY

June 15, 2019

BP released the 68th annual edition of the BP Statistical Review of World Energy (BP Stats Review), the most comprehensive collection and analysis...

Read More+
BAKER HUGHES MULTIMODAL FACILITY EXPANSION IN ANGOLA

June 15, 2019

Baker Hughes announced the inauguration of its multimodal facility (MMF) for oil and gas in Luanda, Angola. The facility, with its additional capabilities...

Read More+
ELECTRICITY FLEXIBILITY, ANCILIARY SERVICES AND BALANCING FORUM

June 14, 2019

We are proud to announce our media partnership with marcus evans for the ''12th Annual Electricity Flexibility, Ancillary Services and Balancing Forum''...

Read More+
EXXONMOBIL COMPLETES SINGAPORE REFINERY EXPANSION

June 14, 2019

ExxonMobil today said that it has completed an expansion at its Singapore refinery to upgrade its production of EHC Group II base stocks, strengthening...

Read More+
TWO OIL TANKERS DAMAGED IN SUSPECTED ATTACK IN THE GULF OF OMAN

June 14, 2019

Two oil tankers, the Norwegian Front Altair and the Japanese-operated Kokuka Courageous were damaged in a suspected attack in the Gulf of Oman on Thursday...

Read More+
DANOS WILL PROVIDE INTEGRATED OPERATIONS FOR SHELL ENCHILADA

June 14, 2019

Danos has been awarded multiple contracts with Shell Exploration and Production Company, a subsidiary of Royal Dutch Shell plc, to provide integrated...

Read More+