Norwegian Drilling Company Files for Bankruptcy
Dolphin Drilling, a leading harsh environment drilling contractor for the offshore oil and gas industry, today 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.
Dolphin Drilling ASA’s operating subsidiaries have now been transferred to a new holding company, Dolphin Drilling Holdings Limited (“Dolphin Drilling” or “the company”), 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 today 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.”
Jørgen Peter Rasmussen, incoming Chairman of Dolphin Drilling, added:
“This financial restructuring is a vital milestone in the resurgence of Dolphin Drilling. The solid platform it provides, and the backing from our new majority shareholder, means that the incoming leadership team, alongside all of Dolphin Drilling’s highly experienced staff, can now focus on delivering top class services and value to our customers.”