Oslo, 28 October 2022 Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today announces public trading on Euronext Growth, following the successful previously announced private placement and share issue with total gross proceeds of USD 45 million. The company’s Blackford Dolphin will commence a 12-month USD 96 million contract in the fourth quarter 2022, and Dolphin Drilling reiterates its strong outlook.
“Dolphin Drilling has attractive assets, a strong team and a solid platform to leverage on the favorable market development with improved rates. The most recent contract for Blackford Dolphin underlines the potential of the company and its assets, and we believe Dolphin Drilling will capitalize on the continued expected tight rig market for the rest of the fleet,” says Martin Nes, Chairman of Dolphin Drilling.
Dolphin Drilling today owns three harsh environment moored semisubmersibles which have been rebuilt with 4th and 5th generation rigs. The company is well-positioned to secure additional contracts at attractive levels, benefitting from current market improvements and an attractive positioning in the niche moored semisubmersible market. In addition, the opportunity to acquire and/or manage two latest generation harsh environment semisubmersibles as well as to manage and operate non-owned rigs provide attractive additional growth opportunities.
The company successfully completed a private placement 5 September 2022 which attracted strong interest from high-quality institutional investors. It raised gross proceeds of USD 45 million. On 4 October 2022, the company announced the award of the 12-month contract for the moored semisubmersible Blackford Dolphin by General Hydrocarbons Limited in Nigeria. The total value of the contract is approximately USD 96 million. The proceeds from the private placement will primarily be used to finance the special periodic survey and mobilization of Blackford Dolphin, as well as the reactivation of Borgland Dolphin, general corporate purposes and working capital.
“The first day of trading represents an important milestone for the company and returning the company to the public markets further strengthens our commitment to our strategy. Our three harsh environment semisubmersibles are fit for purpose and capable of delivering cost efficient services for customers,” says Bjørnar Iversen, CEO of Dolphin Drilling.
On 28 October 2022, the shares of Dolphin Drilling commence trading on Euronext Growth under the ticker code DDRIL. A separate announcement was published earlier today concerning an information document published in relation to the listing on Dolphin Drilling’s website https://www.dolphindrilling.com/investor-relations.
Dolphin Drilling retained DNB Markets, a part of DNB Bank ASA, Arctic Securities AS and Pareto Securities AS as managers in connection with the private placement. DNB Markets has acted as Euronext Growth Advisor in connection with the admission. Advokatfirmaet Schjødt AS is acting as legal counsel to Dolphin Drilling.
For further information, please contact:
Stephen Cox email: stephen.cox@dolphindrilling.com, tel: +44 7800 612 130
Ingolf Gillesdal email: ingolf.gillesdal@dolphindrilling.com, tel: +47 920 45 320
Dolphin Drilling | www.dolphindrilling.com
Dolphin Drilling is a leading harsh environment drilling contractor for the offshore oil and gas industry. Dolphin Drilling owns a fleet of three high-technical standard 4th and 5th generation enhanced Aker H3 units, Borgland Dolphin, Blackford Dolphin, and Bideford Dolphin, operated by an experienced team with strong operational track record. The company has approximately 260 offshore and onshore employees, and onshore locations in Norway, Scotland, Brazil, Nigeria, and Mexico.