DOLPHIN INTERCONNECT SOLUTIONS - DOLPHIN TO SEIZE OPPORTUNITIES WITHIN MARINE SEISMIC SERVICES
OSLO, Norway, November 29, 2010 -- Dolphin Interconnect Solutions ASA (OSE: DOLP)
The Board of Directors (the "Board") of Dolphin Interconnect Solutions ASA ("Dolphin" or the "Company") is proposing to raise new equity of approximately NOK 360 million in a private placement in connection with a change of strategic direction, and Dolphin's planned entrance into the marine seismic industry. The Company expects total investments in connection with establishing a marine seismic division within Dolphin to be in the area of NOK 800 million.
After a thorough strategic review of current business model and potential new business opportunities, Dolphin's Board has concluded that the outlook in the offshore market looks very promising, with anticipated strong growth in demand for seismic services. Accordingly, the Company has decided to establish a division within Dolphin that will focus on offering marine seismic services to the global oil and gas industry. Dolphin will establish a full range of marine geophysical services, including contract seismic, multi client, and processing partnerships. The Company has attracted a tier-one management team with extensive industry to head and grow the new business division. Through their in-depth knowledge of the seismic market, this team has access to a high end fleet of seismic vessels, a multi-client group of people and has obtained debt financing at very attractive terms.
Chairman of the Board of Dolphin, Atle Jacobsen, stated that: "The outlook in the offshore market looks promising and we expect strong growth in demand for seismic services. The agreement with GC Rieber Shipping will secure a high grade of vessel flexibility and low operational risk. The high capacity vessels will not add to the already known industry streamer count. Seismic industry is a people's business and I very pleased that we have attracted a tier-one group of people with extensive experience from the seismic industry."
For further details please see the attached full press release.
Dolphin Interconnect Solutions ASA
Olaf Helsetsvei 6