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.
