Dolphin Drilling business completes financial restructuring and appoints new management team
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.