Dolphin Drilling Press Update
Dolphin Drilling chooses Aberdeen as international headquarters
Aberdeen, UK, 5 September 2019: Dolphin Drilling, the global contractor with a rich North Sea history, today (September 5) announced it is establishing its international headquarters in Aberdeen.
The move signals Dolphin Drilling’s commitment to the North Sea at a time of increasing optimism for the drilling industry, with the announcement of the Aberdeen headquarters at the existing Howe Moss Drive site marking the beginning of a bright future for the company following significant investment from a United States-based private equity firm.
Bjørnar Iversen, who was recently appointed Chief Executive Officer, said: “We are a truly global company with a thriving, vibrant business and fantastic future ahead of us. We now have a UK parent company with strong operational bases in both Aberdeen and Stavanger, and have positioned ourselves to provide the very best quality of service to our clients at the best possible price.
“The North Sea has always played a significant role in Dolphin Drilling’s history, which can be traced back to 1965 where we were one of the first drilling companies to operate in the deep water and harsh environments. We are net-debt free, with some very good rigs ready to go to work, with financial flexibility which allows us to focus on our clients.”
The deep water, harsh environment drilling specialist, which also has a presence in Singapore and Brazil, owns a fleet of assets, most of which have been recently refurbished to incorporate the latest technology. This includes the semi-submersible Borgland Dolphin, which is believed to have set a new standard for the fastest rig turnaround when it was taken from standby to operational mode in just 70 days, after a contract was signed with i3 Energy.
Mr Iversen, who in his successful career has previously been CEO at Songa Offshore and held several posts at Odfjell Drilling including President and CEO, said: “Dolphin Drilling has pioneered rig design and operational excellence throughout its history. Our assets have one of the lowest carbon footprints, and our sustainable moored rig design provides best-in-class energy efficiency through significant savings on fuel consumption and CO2 emissions. The drilling efficiency of the rigs with their modern drilling packages has really proven them to be top performers in the industry.
“Getting the Borgland Dolphin ready for operation in just 70 days shows that Dolphin Drilling is ready, willing and most importantly able to play an important role in the next chapter of global offshore drilling.”
Dolphin Drilling is one of the North Sea’s longest established drilling contractors, tracing its roots back to the 1960s. Dolphin Drilling recently underwent a significant restructuring process, both financially and at board level, appointing a new world-class management team, which collectively has more than 100 years’ experience in offshore drilling.
Andy Groundwater, Head of PR, Fifth Ring – firstname.lastname@example.org // 01224 628 088
Stevie Brown, Business Manager, Fifth Ring – email@example.com // 01224 628 090
Dolphin Drilling business completes financial restructuring
and appoints new management team to drive company forward
Oslo, Norway,26 June 2019:
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.
Bjørnar Iversen, incoming Chief Executive Officer of Dolphin Drilling, said:
“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.”
Jørgen Peter Rasmussen, incoming Chairman of Dolphin Drilling, added:
“This financial restructuring is a vital milestone in the resurgence of Dolphin Drilling. The solid platform it provides, and the backing from our new majority shareholder, means that the incoming leadership team, alongside all of Dolphin Drilling’s highly experienced staff, can now focus on delivering top class services and value to our customers.”