Leprosy into rig company | Finansavisen

Standard ETC buys 25 percent of the rig company Dolphin Drilling for 10 million dollars through an equity issue. This corresponds to around NOK 95 million.

The Øystein Stray Spetalen company has also secured an opportunity to increase its stake in Dolphin Drilling to 32.5 percent by putting another 5 million dollars on the table.

Øystein Stray Spetalen owns around 30 percent of Standard ETC through its investment company Ferncliff. The leper now joins the board of Dolphin Drilling, together with Martin Nes, who leads Ferncliff. Nes has been proposed as chairman of the board of Dolphin Drilling.

Today’s market creates opportunities for debt-free drilling contractors who have units ready to drill, Nes says in a stock exchange announcement from the company on Friday.

Standard ETC is listed on the Oslo Stock Exchange and rises markedly after the news that it is buying into the rig company.

3+2 rigger

Dolphin Drilling is built on the remains of the former Fred. Olsen-owned rig company Fred. Olsen Energy.

Doplhin Drilling owns the three drilling rigs Borgland Dolphin, Bideford Dolphin and Blackford Dolphin, and has also secured the rights to two modern drilling rigs that Awilco Drilling originally ordered from Keppel FELS in Singapore.

– We have ambitions to rebuild Dolphin as a strong player from Stavanger, and want to become a listed company within two years. Then we must have more steel and newer steel, at the same time as the market must improve further, said CEO Bjørnar Iversen in Dolphin Drilling to Finansavisen in October last year when it became known that the company took over the Awilco rigs.

– We must have at least five to six rigs on the Norwegian shelf, he added.

The largest shareholder in Dolphin Drilling has been the hedge fund Strategic Value Partners (SVP).

Has cash and supply ships

The standard ETC states in a stock exchange announcement on Friday that it had cash and transferable securities for around 80 million dollars per. end of March.

In addition, the company has ownership interests in seven platform supply vessels (PSV). Two of these are wholly owned, while five are owned 28 percent.

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