About Dolphin Drilling

Pioneer is a word that shouldn’t be used lightly. But at Dolphin Drilling we feel we’re justified in the claim having operated in the harsh environments of the North Sea since 1965.

Working in some of the most technically challenging conditions known to the industry often requires an ‘out of the box’ approach ingrained with real-life experience. It is this technical knowledge and commercial understanding that has helped establish us as one of the world’s leading drilling contractor.

We’re a no-nonsense type of business that puts the needs of our clients at the heart of what we do. Which is why we work in partnership with our clients to create and maximise revenue streams with the most effective and efficient drilling solution.

Our established and experienced team of experts will support, manage and facilitate your drilling projects. With a fleet of proven assets, Dolphin Drilling is your dedicated partner in delivering fit for purpose operational excellence, every time.

 

About Our Owner – SVPGlobal

SVPGlobal is an investment firm with a significant portfolio under management. The firm, established by Victor Khosla in 2001, has 116 employees, including 44 investment professionals, across its main offices in Greenwich (CT), London and Tokyo. SVPGlobal seeks to create value in its investments through its substantial industry, restructuring and operating experience. (www.svpglobal.com)

Board of directors

Jørgen Peter Rasmussen (Chairman) is an industry veteran and brings over 35 years of experience and expertise in oilfield services, shipping and information technology.
Previously Chairman of Seawell Limited, Vice Chairman of Sevan Marine AS and President / CEO of Archer Limited, and is currently on the Boards of Semco Maritime, Reelwell, Octio, Gravitude and KNL OY.
Jorgen worked at Schlumberger for over 25 years in various senior management roles worldwide.

Alf Ragnar Løvdal has 35 years of experience in the oil and gas industry, recently as CEO of North Atlantic Management AS, a subsidiary of Seadrill Limited.
Alf previously held a number of senior positions in the industry, including as Managing Director of the well services division of drilling contractor Smedvig ASA and CEO of Seawell Management AS and its holding company, Seawell Ltd. (now Archer Limited), and as a Director at Asia Offshore Drilling Limited.

Erik Langaker is a non-executive Director at Dolphin Drilling and has broad experience from Norwegian and international technology and finance, M&A and (early) commercialization of technology.
Since the late 1980s, Erik has participated in the start-up and development of several successful technology companies, among these the StormGeo Group.
Erik has extensive board experience from companies like StormGeo Group, Datarespons, GeoKnowledge, Resoptima, Link Mobility, Talkmore, Payex Group and Viken Fibernett.

Bouk van Geloven joined SVP Global in November 2014 and is currently a Director of the European investment team with a focus on Oil & Gas, Infrastructure, Packaging, Industrials and Financials.
Bouk was previously an associate at J.P. Morgan Cazenove in their Strategic M&A Advisory and Equity and Debt Financing team where he performed complex valuation analysis, credit analysis and ratings advisory on multiple debt financing transactions.
Bouk has an M.Sc. degree in Econometrics and Quantitative Finance from the VU University in Amsterdam and in 2010 completed a one year MBP programme at the Mendoza College of Business in Notre Dame, US.

Paul Marchand joined SVP Global as a Managing Director in February 2020.  Paul comes to SVP after 11 years at Bain Capital where he was a senior professional in the Portfolio / Operations Group.
While at Bain Capital, Paul drove operational transformation at portfolio companies across a number of industries including industrials, software, business services and retail.
Paul graduated from St. Catharine’s College, Cambridge University where he studied Manufacturing Engineering.

Stephen Cox is the Chief Financial Officer at Dolphin Drilling.  Stephen’s 25 year career spans various finance and operational roles at Proserv, General Electric, Vetco Gray, Transocean and Sedco Forex. Stephen oversaw the successful restructuring of Proserv in May 2018 and has over a decade of experience working with company Boards.

Leadership Team

Bjornar Iversen joined Dolphin Drilling as Chief Executive Office and President in July 2019.
Previously he held the position of CEO for Songa Offshore and also held various senior management positions for Odfjell Drilling where he was in charge of operations, business development, and projects.
Bjornar has over 25 years experience in the global offshore drilling business.

Johan Finnestad is the Chief Operating Officer at Dolphin Drilling.
Johan joined the Company in 1984 working offshore and has since held several positions, including offshore and onshore management roles.
Johan has over 30 years experience in the global drilling business and has been part of the Dolphin Drilling management team since 1996.

Stephen Cox joined Dolphin Drilling as Chief Financial Officer in July 2019.
Stephen previously held the role of CFO for Proserv (oil service technology provider) and has successfully delivered a company restructure
Stephen has over 20 years working in senior finance roles in the oil services business.

Steen E. Damgaard joined Dolphin Drilling as Chief Commercial Officer in October 2019.
Steen previously held the position of Vice President Marketing for Seadrill and has held various senior management positions for A.P.Moller-Maersk, North Atlantic Drilling and Ocean Rig.
Steen has over 30 years experience in the global offshore drilling and maritime industries.

Management

Bjornar Iversen – CEO.   Stephen Cox – CFO.  Steen Damgaard – CCO.  Johan Finnestad – COO.  Michelle Hunter VP HR.  Anne Vegge VP HSEQ.  Dougie Graham – VP Finance.  Michael Boyd – VP Supply Chain.  Svein Bjornstad – Chief Information Officer.  Kyrre Andresen – Snr VP Marketing.  Jim Lomax – VP Contracts. Gunnar Koloen – Managing Director Singapore.  Ingolf Gillesdal VP Commercial Finance, Lesley Allan – Office Manager.

Code of Conduct for Dolphin Drilling

1. Purpose and Scope

The purpose of this procedure is to ensure a common commitments on rules, regulations and behavior within Dolphin Drilling and its subsidiaries (“DD Group”). This includes a common standard for ethics and corruption. This procedure shall apply for all employees in the DD Group and all hired personnel, consultants and other who act on behalf of any company within the DD Group. Compliance with the procedure results in behavior with honesty, high integrity and respect. This type of behavior creates trust which is elementary for good business cooperation. Trust is earned through long term achievement, behavior and accountability. Employees who come forward with concerns play an important role in maintaining out ethical workplace and high-performance business. Even though certain elements of ethics and behaviors are discussed in this procedure it does not remove the need for each person to exercise good judgments when facing ethical situations.

2. Ethics and behavior

Behavior

All type of behavior and actions must be within the law of the country of operation and well within what is described in this procedure. All persons working within the DD Group must be open and honest with superiors in respect to difficult ethical situations. If direct superiors are involved in ethical dilemmas it must be brought to the next level. All persons working for the DD Group including subsidiaries shall respect human rights, and under no circumstances take any actions that negatively impact other people’s human rights. The DD Group does not accept any form of discrimination or harassment (e.g. based on such as race, color, religion, sex, age, disability). No information obtained illegally or unintentionally from business partners shall be distributed or used by the DD Group. The distribution or use of such information might be in breach of competition, civil or criminal laws.

Corruption

All form of corruption or bribery is strictly prohibited. This includes any type of undue payments made to influence someone conducting their duties, and/or where someone gain undue personal benefits like kick backs from suppliers. Such improper behavior can be cash payments, gifts, travels, accommodations or services. The DD Group requires and encourages transparency in all transactions undertaken when conducting business on behalf of the DD Group. All business transactions shall be backed up by invoices between the parties to secure full transparency with respect to who has authorized- and who the ultimate receiver of the payment is. No agreements shall be made with middlemen/agents in a way that can be interpreted as corruption or facilitating corruption.

Use of intermediaries

Before intermediate companies, like agents and consultants, are contracted, it must be ensured that the intermediate companies are involved in bona fide business activities (a formally registered company with substance). Agreements with intermediate companies shall be based on the internal procurement procedures in the DD Group, including written contracts. It is emphasized that all contracts with intermediaries shall include a contract clause stating that any corruptive actions or unethical behavior is prohibited while representing any company within the DD Group.

DD conflict of interest

All persons working for the DD Group must act in the best interest of the DD Group in all business dealings and not give any business partners, being companies or individuals, improper advantages, including relationships that could give rise to an actual or perceived conflict of interest. No one working for the DD Group shall have part time jobs, board memberships, consultancy tasks or other financial interests which may in any circumstances negatively impact with the business of the DD Group. This will include working or providing services for someone with which one is cooperating with as a representative of the DD Group. Furthermore, it is not acceptable for anyone working for the DD Group to invest considerable amounts in competitors, customers or suppliers of the DD Group. Considerable amount is in this case defined as the level of financial investments that might impact a person’s judgment. Employees in DD Group, or any of their closely related, must not receive loans from any of the DD Group’s business partners. This excludes regular loans to employees on market rates from banks or financial institutions. It is the Company’s policy not to establish any form of lease between the Company and employees, for example deals with rental house, apartment, cottage, car boat or otherwise. All type of relationships or financial interests that could be in conflict with this procedure shall be preapproved in writing by your superior.

Confidentiality

All persons working for the DD Group shall be under the duty of confidentiality and shall prevent unauthorized persons access to information not reported publically or classified as confidential. There must be a careful consideration of what internal matters and information are to be discussed with unauthorized persons. The duty of confidentiality continues to apply after termination of the contractual relationship between the individual and the DD Group. The only exception is when disclosure of internal or confidential information is required by law.

Inside information

All persons working for the DD Group must not use or distribute inside information regarding DD Group or any companies with which DD Group has business relations (e.g. clients/customers, suppliers, service companies or others). Any transactions of publically listed shares or other financial instruments based on insider information are prohibited by law. Inside information is defined by law and comprises information not publically know which can affect the share price. For the DD Group examples of inside information can be financial numbers prior to public reporting, investment initiatives, drilling results of clients, etc.

If in doubt the investor relations responsible (+47 51 69 43 00) in DD shall be contacted for guidance.

3. Intellectual property

All development of new ideas, technology and/or products undertaken by persons working for the DD Group is part of developing DD’s intellectual properties. These intellectual properties are the ownership of DD. The ownership of DD’s intellectual properties must be respected, as well as property rights of others.

4. Gifts and Representation

Gifts are generally inappropriate in business relationships. When gifts are appropriate because of custom or culture, we ensure that the gift does not violate local laws or our client’s code of conduct. Gifts or representation can create improper influence, and some might even be seen as bribes and corruptive behavior.

Participation in various events may be acceptable if there is a clear business reason, but any travel, accommodation and other expenses for the individual participating in events must be paid by the relevant company in the DD Group. This also goes in the reverse direction when a company within the DD Group invites external individuals to events.

Certain behavior are always unacceptable; like gifts to public officials, gifts in relation to a bidding process, money gifts, improper entertainment (e.g. sexual content or gambling) and all form of corruption and bribery. Any type of gifts or representation given to external business partners shall be backed up by invoices or receipts.

Exceptions to this procedure might be acceptable with preapproval of CEO or in situation where it will be seen as a clear offence to refuse. In such example the gift or behavior shall be reported to your superior. All gifts to internal employees within the DD Group shall have a limited value and have to be approved by the local Managing Director (MD).

All internal entertaining and representation in DD Group have to be approved by your superior before it takes place.

For both external and internal entertainment the alcohol consumption shall be limited to normal consumption included in a meal. Excessive use of alcohol is not acceptable.

5. Compliance and internal control

As part of the Internal Audit processes in the DD Group, necessary means will be employed in order to monitor that the code of conduct is being fully complied with by all personnel working for and on behalf of the DD Group.

History

A company with profound roots in the offshore industry since 1965.

Milestones

1965

A/S Aker Drilling Company Ltd. (Dolphin Drilling) established.
1967

M/V “Drillship” starts drilling for Amoco on the Norwegian continental shelf. The vessel is the first drill ship in operation in Norway.
1973

Dolphin Drilling moves the office from Oslo, which has been their business address, to Tananger, just outside Stavanger.
1976

Fred. Olsen & Co acquires Aker Drilling Services, and name it Dolphin Services A/S.
1977

The company takes over the management of “Borgila Dolphin” and “Borgland Dolphin”.
1978

Dolphin Drilling reaches 300 employees.
1979

Summer 1979 – Dolphin Drilling operates eight rigs.
“Bredford Dolphin” (BP)
“Belford Dolphin” (BP)
“Borgland Dolphin” (Chevron)
“Borgila Dolphin” (Chevron)
“Byford Dolphin” and “Borgny Dolphin” (Shell)
“Albuskjell Alpha” and “Foxtrot” (Marine Drilling)

Dolphin Drilling reaches 800 employees.

1979

Dolphin Drilling takes over the operation of the drilling rig “Borgsten Dolphin”. The platform operates for Phillips Petroleum at the Ekofisk field.
1980-1984

The production drilling starts at Valhall. Dolphin Drilling employs now more than 1200 people.
1982

“Belford Dolphin” and “Borgland Dolphin” are heading for Brasil. The customer is Petrobras. Dolphin Drilling establishes a sister company in the country.

“Borgny Dolphin” and “Borgsten Dolphin” are undergoing a major upgrading.
1984

“Borgny Dolphin” finds the giant gas field, Troll.
1985

“Borgny Dolphin” and “Borgsten Dolphin” are undergoing a major upgrading.
1988

The production drilling on Valhall is executed by full capacity through 1988, the same year where many mobile rigs have very low activity.
1997

Fred. Olsen Energy ASA formed.
IPO on the Oslo Stock Exchange in October.
1998

ROV (remotely operated vehicle) activities sold to Stolt Comex Seaways.
1998

Conversion of semi-submersible rigs “Bideford Dolphin” and “Borgland Dolphin” at Harland & Wolff yard.

“Bideford Dolphin” and “Borgland Dolphin” both start longterm contracts in 1999 with Saga Petroleum and Statoil after being upgraded into 5thgeneration status.

2000

Drillship “Navis Explorer 1” (renamed “Belford Dolphin”) delivered from the yard in Korea and subsequently purchased by FOE.

Purchase of Aker H-3 semi “Bredford Dolphin”.

2001

Purchase of Aker H-3 accommodation unit “Borgholm Dolphin”.
2003

Dolphin Well Services AS sold to PSL Energy Services Limited.

Support rig “Borgila Dolphin” sold.

2005

“Ocean Liberator” purchased and renamed “Blackford Dolphin”.
2007

“Bredford Dolphin” upgraded to comply with regulations for operating on the Norwegian Continental Shelf, and commenced operations in Norway.
2009

Conversion and refurbishment of “Blackford Dolphin” completed.
2011

Ultra deepwater drillship “Bolette Dolphin” ordered at Hyundai Heavy Industries Co. Ltd
2012

Harsh environment, ultra deepwater semi-submersible “Bollsta Dolphin” ordered at Hyundai Heavy Industries Co. Ltd.

“Borgsten Dolphin” upgraded and converted from drilling rig to tender support vessel.

2013

“Bideford Dolphin” becomes the Rig of the year 2013 in Statoil.
2014

The ultra deepwater drillship “Bolette Dolphin” delivered from Hyundai Heavy Industries Co., Ltd.

“Bideford Dolphin” becomes the ‘Rig of the year’ 2014 for Statoil.

2017

“Bolette Dolphin” completed 3 years of successful operations for Andarko Petroleum Company.
2018

Changed name from Fred. Olsen Energy ASA to Dolphin Drilling ASA.
2019

Dolphin Drilling ASA’s operating subsidiaries transferred to a new holding company, Dolphin Drilling Holdings Limited.

Dolphin Drilling Ltd. Tax Strategy and Principles

About DDL

Dolphin Drilling operating subsidiaries are owned by Dolphin Drilling Holdings Limited. A well-established name in offshore drilling, Dolphin Drilling operate as an international drilling contractor specialising in the mid and ultra-deep water segment, providing exploration and production services to the offshore oil and gas industry internationally.

Approach to governance and tax planning

  • DDL aims to observe all applicable laws, rules and regulations in meeting the group’s tax compliance and reporting responsibilities in all jurisdictions where the business operates, and ensures that appropriate management structures are put in place to meet those obligations.
  • In completing the group’s tax compliance requirements, DDL aims to apply diligent professional care and judgement, including ensuring all decisions are taken at the relevant level and supported with documentation that evidences the judgements involved.
  • Tax strategy follows where appropriate, business and commercial strategy. The commercial reality of DDL’s operations take precedence over other considerations and tax planning opportunities are evaluated and risk assessments carried out within clear risk parameters.
  • Whilst DDL does seek to make use of appropriate reliefs and allowances where available and in accordance with applicable laws, DDL’s policy is not to take aggressive tax positions or use artificial tax avoidance arrangements.

Approach to risk management

  • DDL recognise that the volume and complexity of transactions within the group, together with recent developments in the external environment have raised the profile of tax.
  • DDL aims to ensure that all personnel with tax responsibilities, or whose business activities are likely to have a significant tax impact, have an understanding of how tax risk is identified, assessed and managed by providing appropriate training and support. This enables DDL personnel to develop into talented and competent professionals, to meet their developmental needs and remain motivated and challenged in their roles.
  • DDL use external advisers to provide tax technical expertise to ensure compliance with reporting obligations and to provide additional resources based on an assessment of risk and requirements, where a need for external support is identified.
  • All accountability and drivers of tax risk and tax value are owned and monitored by the Board. The Board delegates day to day management and responsibility for tax matters to the DDL finance team who are accountable to and report regularly to the Board.

Awareness of reputation and relations with tax authorities

  • DDL aims to be open and transparent with tax authorities in relation to the group’s tax affairs and to disclose relevant information to enable tax authorities to carry out their review.
  • DDL aims to work positively, pro-actively and transparently with tax authorities to create a positive effective working environment, minimise the extent of disputes, to achieve early agreement on disputed issues when they arise and to achieve certainty, wherever possible.
  • DDL aims to ensure compliance with all relevant legal disclosure requirements.

Document Updated 27.11.2019