Dolphin Drilling completes restructuring as old entity files for bankruptcy

Dolphin Drilling completes restructuring as old entity files for bankruptcy

Norway’s drilling service provider Dolphin Drilling, which mainly operates in the mid- and ultra-deep water segment, has completed a financial restructuring.

The company’s operating subsidiaries have been transferred to a new holding company, Dolphin Drilling Holdings Limited, while the old holding company will file for bankruptcy today and be wound down.

Bjørnar Iversen, incoming chief executive officer of Dolphin Drilling, commented: “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.”

Dolphin Drilling has a fleet of four semi-submersible rigs and two drillships.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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