New chairman joins Dolphin Drilling following entire management dismissal

Norwegian offshore drilling contractor Dolphin Drilling has elected a new chairman following the resignation of its board members and termination of the entire management team amid financial restructuring. 

On May 21 Anette E. Olsen and Richard Olav Aa gave notice of their resignations from the board of Dolphin Drilling.

Come May 28 and the entire management team, including the company’s CEO Ivar Brandvold and CFO Hjalmar Krogseth Moe, was dismissed.

Dolphin Drilling said on Friday that the board of the company had elected Aksel. O. Hillestad as chairman of the board with effect from May 29, 2019.

The new chairman will be registered with the Norwegian Register of Business Enterprises with undue delay.

Bjørnar Iversen has already been selected to be the new CEO of the company and he is in the process of establishing a new management group. Iversen has previously served as the CEO of Songa Offshore, a drilling company eventually bought by Transocean.

As reported in April, the majority lenders under the company’s $2 billion secured credit facility entered into an agreement for the reorganization and recapitalization of the drilling business of the company.

The recapitalization of the drilling business included the sale of the Bolette Dolphin drillship to refocus the group’s drilling business on its mid-water fleet while the mid-water drilling business of the group was agreed to be transferred to a new holding company, controlled by the secured lenders.

Offshore Energy Today Staff

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