Offshore drilling company Dolphin Drilling on Thursday announced public trading on Euronext Growth, after a recent private placement and share issue with total gross proceeds of $45 million.
“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 owns three harsh environment moored semisubmersibles which have been rebuilt with 4th and 5th generation rigs.
Growth opportunities
"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," Dolphin Drilling said.
The company completed a private placement on September 5, 2022, raising gross proceeds of $45 million. On October 4, 2022, the company announced the award of the 12-month contract for the moored semi- submersible 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 drilling rig, 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 start trading on Euronext Growth under the ticker code DDRIL.
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