Offshore staff

OSLO, Norway – Dolphin Drilling is set to undergo a reorganization and recapitalization following moves by various majority lenders in the company’s credit facility.

Proposed measures include the sale of the drillshipBolette Dolphin in order to re-focus the drilling business on the company’s mid-water fleet. That in turn will be transferred to a new holding company, controlled by the secured lenders (NewCo).

NewCo will assume all Dolphin’s secured debt not repaid through the sale of theBolette Dolphin, and the secured lenders will also provide the company with a new $45-million revolving credit facility to help sustain future development of the mid-water drilling business with a stable platform to support its future development.

04/16/2019