The deal includes warrants to invest an additional $5m, bringing the total ownership up to 32.5 %. Spetalen and Martin Nes will join the board of directors of Dolphin Drilling, with Nes proposed as chairman.
Formerly known as Fred Olsen Energy, Dolphin Drilling owns and operates three rigs and employs approximately 350 people at operational bases in Aberdeen, Scotland, Stavanger, Norway, in addition to offshore personnel. Standard ETC controls, directly and indirectly, a fleet of seven PSVs, two large, 100% owned; and five medium-sized PSVs with a 28% ownership interest.
“The current market provides opportunities for debt-free drilling contractors with ready-to-drill assets, and we look forward to working with the Dolphin team to realise the potential of the current fleet and future rig management operations,” said Nes, chairman of Standard ETC.