Norwegian Dolphin Group ASA together with its subsidiary Dolphin Geophysical AS will today file a petition for bankruptcy with their relevant courts having succumbed to difficult market conditions stemming from depressed oil prices.
As a consequence of the bankruptcy petition, all trading of the company’s shares and bonds will be halted and Dolphin said that it would request that trading is stopped.
“Due to the continued deterioration in the oil service market Dolphin has had to make the decision to file for bankruptcy. It is a difficult decision, but in light of the unpredictability of the oil price and subsequent spending cuts of our customers, it has become impossible to have the visibility needed to continue our business. We have worked diligently since 2011 to build Dolphin into a company that would benefit all of our stakeholders- shareholders, lenders, suppliers, customers and our employees,” Tim Wells, Chairman and Atle Jacobsen, CEO comments.
Over the past months, Dolphin has been undertaking activities aimed at reaching an agreement with all of its major stakeholders that would enable it to continue its business.
However, the fact that the market has further deteriorated and that the expected timeline for an uplift in the market conditions has been further extended, the company’s board has concluded that there is no longer a basis for continued operations.
Dolphin operates a fleet of high-capacity seismic vessels and offers contract seismic surveys, multi-client projects and processing services on a worldwide basis.