Dolphin Drilling goes bankrupt

Dolphin Drilling

The rig company Dolphin Drilling, formerly Fred Olsen Energy, files for bankruptcy, says a stock exchange announcement on Monday evening.

As we have repeatedly communicated to the market, the company is insolvent and goes with losses, writes Dolphin Drilling in the message.

The company states that they have tried to establish an agreement with their creditors, but this has not succeeded.

Therefore, the company has filed for bankruptcy, unless the creditors agree to a restructuring by 14:00 on Thursday 25 June.

The company has had problems for a long time and before Easter they were rescued from bankruptcy by the creditors converting their debts into shares in the company. Until the end of December, 2018 the rig company was Fred Olsen Energy.

© NTB Scanpix / #Norway Today

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