Standard ETC buys 25 percent of drilling company Dolphin Drilling for $10 million through a share issue. This corresponds to about 95 million Norwegian kroner.
Øystein Stray Spetalen also got a chance to increase its stake in Dolphin Drilling to 32.5 percent by putting another $5 million on the table.
Øystein Stray Spetalen owns about 30 percent of Standard ETC through its investment firm Ferncliff. The leper now joins the board of Dolphin Drilling, along with Martin Nes, who leads Ferncliff. Nes has been proposed as Chairman of Dolphin Drilling’s Board of Directors.
Today’s market creates opportunities for debt-free drilling contractors who have units ready to drill, Ness says in a stock exchange announcement from the company on Friday.
Standard ETC is listed on the Oslo Stock Exchange and is up significantly after the news that it is buying into the excavator company.
3 + 2 pads
Dolphin Drilling is built on the remains of former Fred. Olsen-owned Fred Excavators Company. Olsen Energy.
Doplhin Drilling owns the three drilling rigs Borgland Dolphin, Bideford Dolphin and Blackford Dolphin, and has also acquired the rights to two modern drilling rigs originally ordered by Awilco Drilling from Keppel FELS in Singapore.
We have ambitions to rebuild Dolphin as a strong player from Stavanger, and we want to become a listed company within two years. “So we should have more steel and newer steel, at the same time the market should improve even more,” CEO Bjørnar Iversen said on Dolphin Drilling to Finansavisen in October last year when it became known that the company had acquired the Awilco rigs.
– He added that we should have at least five to six pallets on the Norwegian shelf.
The largest contributor to Dolphin Drilling is the hedge fund Strategic Value Partners (SVP).
Has ships for cash and supplies
The benchmark ETC states in the exchange’s announcement on Friday that it has both cash and convertible notes of approximately $80 million each. end of the walk.
In addition, the company has ownership interests in seven Platform Supply Vessels (PSVs). Two of these are wholly owned, while five are 28 percent owned.