Fred. Olsen contemplates drillship sale

Nov. 7, 2018
Drilling contractor Fred. Olsen Energy has presented a new refinancing proposal to sustain the company’s operations.

Offshore staff

OSLO, Norway – Drilling contractor Fred. Olsen Energy (FOE) has presented a new refinancing proposal to sustain the company’s operations.

The key elements include the sale of the drillshipBolette Dolphin; issuance of new equity amounting to around $130-140 million in consideration of 89% of FOE’s share capital, post refinancing; and various debt settlement measures.

Assuming approval for the program, FOE would continue as a four-rig drilling company, the fleet comprisingBlackford Dolphin, Bideford Dolphin, Borgland Dolphin, and Byford Dolphin.

11/07/2018