Norwegian oil and gas rig operator Dolphin Drilling filed for bankruptcy on Wednesday, leading creditors to seize its key assets in a restructuring that will see the company maintain operations, Reuters reported. Formerly known as Fred. Olsen Energy, Dolphin Drilling ASA had debt of just over $1 billion at the end of 2018 and a net loss for the year of almost $300 million, its annual report shows. Once a dominant supplier of drilling rigs to oil and gas firms exploring the North Sea, Dolphin was hit hard by a collapse in oil prices from 2014 to 2016 as well as competition from newcomers that drove down rig rates. Its share price has fallen 88 percent over the past year and was down 6.6 percent early today until trading was suspended before the bankruptcy announcement. While the old holding company will be wound down, its rig-owning subsidiaries were restructured and will continue to offer services to oil firms. Investment funds advised by Strategic Value Partners will be the main shareholders of the new, reconstructed company. Read more.
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