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30 May 2019

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Norwegian offshore drilling company Dolphin Drilling ASA (DDASA) has dismissed all of its management employees, including its CEO and CFO, amid restructuring efforts.

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 corporate reorganization of the drilling business included the sale of the drillship BOLETTE DOLPHIN to refocus the group’s drilling business on its mid-water fleet while the mid-water drilling business of the group was agreed to be transferred to a new holding company, controlled by the secured lenders.

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.

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