Reference is made to the previous market communications with respect to the restructuring efforts of Dolphin Drilling ASA ("DDASA"), and in particular the market communication of 12 April 2019 which set out the contemplated restructuring of its drilling business (as defined therein, the "Drilling Restructuring").
As contemplated by DDASA's secured lenders, the Drilling Restructuring will not include the management of DDASA.
All of DDASA's key management is employed by Dolphin Drilling Management AS. On this basis, Dolphin Drilling Management AS has today given notice of termination to all of its employees, including DDASA's CEO Ivar Brandvold and CFO Hjalmar Krogseth Moe.
The termination will take effect following the expiry of the employees' notice period, which for most employees is three months. The notice period for the CEO and CFO is six months.
The operations of the drilling business of the group is expected to continue uninterrupted. The secured lenders have informed DDASA that the new CEO of the drilling business will be Mr. Bjørnar Iversen and that he is in the process of establishing a new management group.
The board of DDASA continues to monitor the company's position and ongoing restructuring efforts. As set out in the market communication on 12 April 2019, the company is not expected to hold notable value even following a consensual completion of the Drilling Restructuring. In contrast, the company's financial obligations will remain notable. Absent a voluntary composition of such obligations, the Company will be obligated to file for bankruptcy.
Contact: Ivar Brandvold, CEO, (+47) 22 34 10 00 Hjalmar Krogseth Moe, CFO, (+47) 22 34 10 00
This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section §5-12.