Petition for bankruptcy
Reference is made to the announcements made on 4 December 2015 and 10 December 2015 by Dolphin Group ASA (“Dolphin” or the “Company” and together with its subsidiary Dolphin Geophysical AS) regarding a restructuring of the Group’s debt and capital structure (the “Restructuring”).
Over the past months and weeks, the Company has explored numerous alternatives with a view to reach an agreement with all of its major stakeholders that would enable the Company to continue its business through the current period of difficult market conditions. In spite of hard work, good spirit negotiations from all involved parties, including the employees/staff, banks, bondholders, suppliers and customers, and continued operations throughout, 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 board of directors of the Company has unanimously come to the conclusion that there is no longer a basis for continued operations, and subsequently the assumption of a going concern cannot be upheld. The Company will therefore today file a petition for bankruptcy. Simultaneously with the Company filing for bankruptcy, its subsidiary Dolphin Geophysical AS will file a petition for bankruptcy with its relevant court.
As a consequence of the bankruptcy petition, all trading of the Company's shares and bonds will be halted. Since the Company and its subsidiary Dolphin Geophysical AS will file for bankruptcy, in accordance with above, the Company will request that trading will not be resumed.
Tim Wells, Chairman and Atle Jacobsen, CEO commented; “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.
We would like to express our thanks to all who have contributed to Dolphin over the last five years.”
Erik Hokholt, CFO
Mobile: +47 90 75 60 64
E-mail: erik.hokholt@dolphingeo.com
Dolphin Group ASA is the Parent company of Dolphin Geophysical AS, a global full-range, asset light supplier of marine Geophysical services. Dolphin operates a fleet of new generation, high-capacity seismic vessels and offers contract seismic surveys, Multi-Client projects and processing services on a worldwide basis.