Norwegian seismic player Dolphin is filing for bankruptcy after failing to secure financial support to keep the business afloat.
The oil price drop has been particularly tough for the offshore seismic market, forcing all service providers to restructure and try to adapt to challenging times.
The Oslo-listed company has, over the past few months, looked for financial solution, however, last week, Dolphin warned that it had not reached an agreement with the main stakeholders and if the answers don’t come soon, it will have no choice but to file for insolvent liquidation of the company.
Following that announcement, Dolphin said that today its board of directors unanimously came to the conclusion that there is no longer a basis for continued operations, and that the company, and its subsidiary, will therefore today, Monday 14, 2015, file a petition for bankruptcy.
In addition, as a consequence of the bankruptcy petition, all trading of the company’s shares and bonds will be suspended.
Tim Wells, chairman and Atle Jacobsen, CEO said; “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.”