Update on restructuring
Reference is made to the announcement made on 4 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”).
The Company has continued to work closely with its advisors on various proposals, but is yet to reach an agreement with the Group’s main stakeholders that will allow for a successful completion of the Restructuring. Without a firm solution accepted by the Group’s main stakeholders, and in light of its financial situation, the board of directors of the Company is of the opinion that the Group’s current business cannot be continued as it is currently carried out. The Board of Directors has on such basis resolved to search for alternative solutions, and unless a sufficiently acceptable solution has soon been reached with the Group’s relevant stakeholders, the Company will have no choice but to file for insolvent liquidation of the Company.
Further information will be given as soon as possible.
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.
Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).