Reference is made to previous stock exchange announcements made by Dolphin Drilling AS regarding the private placement of 29,764,440,000 new shares in the Company raising gross proceeds of NOK 297,644,400, equal to approx. USD 29 million (Private Placement) and Refinancing.
Dolphin Drilling has raised approximately USD 29 million in new cash equity, USD 6.5 million in increased indebtedness under an existing credit facility and USD 21.5 million under a new senior secured notes facility, plus reduced its scheduled debt amortisations by approximately USD 20 million.
In addition, the Company has repaid the USD 15 million shareholder loan, which included significant restrictions for the Company with respect to both financial and operational flexibility (collectively, the Refinancing). Combined, the Refinancing has cleaned up the Company’s balance sheet and reduced short term indebtedness.
Dolphin Drilling chairman, Ronny Bjørnådal, commented: “We would like to thank all stakeholders involved in making the Refinancing possible. The Refinancing represents a voluntary restructuring of the Company’s liabilities, including raising new indebtedness and new equity which was successfully concluded in a short window, despite challenging capital market conditions.
He further added; “Dolphin Drilling´s primary focus going forward is to secure a contract for the Borgland Dolphin, execute on a significant cost cutting initiatives, and continue with the collection efforts relating to the USD 105 million arbitration award in Nigeria, in relation to which the Federal High Court in Lagos on 14 July 2025 granted leave to take enforcement action.”
This is further to an arbitration award obtained against General Hydrocarbons Limited (GHL) which was made on 23 December 2024. This award stems from a contract termination dispute related to the Blackford Dolphin semi-submersible rig.
Dolphin Drilling terminated the contract with GHL in April 2024 due to payment issues. The company is now pursuing collection efforts to recover the full amount of the award.
