EuropeOffshore

Restructuring Dolphin Drilling terminates its entire management

Norway’s Dolphin Drilling, formerly known as Fred. Olsen Energy, says that as part of its restructuring plans it has terminated all employees within the management group.

The company announced restructuring plans last month, and says its secured lenders did not contemplate including the current management as part of the restructuring.

The terminations include CEO Ivar Brandvold and CFO Hjalmar Krogseth Moe, with the terminations taking effect after their six-month notice periods. Other staff terminated have three-month notice periods.

Dolphin Drilling says operations will continue uninterrupted, and its secured lenders have appointed Bjørnar Iversen to the role of CEO. Iversen is in the process of establishing a new management group.

Dophin Drilling has a fleet of five semi-submersible rigs and two drillship.

Tags

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
Back to top button
Close
Close