Norwegian driller facing bankruptcy

June 25, 2019

Offshore staff

OSLO, Norway Dolphin Drilling’s creditors have asked for additional time to allow them to reach agreement on the company’s Drilling Restructuring proposal.

The company, which owns a fleet of four semisubmersibles and two drillships, and is currently insolvent and operating at a loss, had resolved to file for bankruptcy today unless its creditors agreed to support recapitalization measures that had been agreed by various lenders, or an alternative restructuring arrangement.

Dolphin’s board has now extended its deadline for an agreement until 10 a.m. tomorrow. Even if the restructuring goes ahead, the company will remain insolent, the board added.