After three years away, Dolphin Drilling has today returned to the capital markets, with a view to a public listing at the end of next month.
As of Thursday 15, the Aberdeen-headquartered drilling contractor, founded in 1965, is active on the Euronext NOTC list, with ticker code ‘DDRIL’.
Doplhin, Norway’s oldest offshore driller, has issued 85,737,200 common shares, each with a value of NOK 10 (86 pence).
Based on the last share issue, completed on September 2, the company has a market capitalisation of around NOK 997 million (£86m).
NOTC is a marketplace for unlisted shares and is 100% owned by the Oslo Stock Exchange.
Admittance to the market is the first step towards a public listing of the company on Euronext Growth Oslo by the end of October.
Bjornar Iversen, chief executive officer at Dolphin said: “This is an exciting announcement for the company and returning the company to the public markets further strengthens our commitment to our growth strategy.
“Our three harsh environment semi submersibles are fit for purpose and ready to be part of the solution to the looming energy crisis. We are grateful to our existing and new shareholders for their support to date and look forward to supporting our clients in the future.”
Prime time for drillers
Energy Voice revealed earlier this month that, spurred on by a resurgence in offshore drilling, Dolphin was putting plans in place for an initial public offering (IPO).
It is a key part of the company’s ambitious growth strategy, which also involves bring the Borgland Dolphin rig across the North Sea for use in the UK, where offshore activity is ranking up.
The company has two other semi-submersible’s in its fleet – the Bideford and Blackford – and will take receipt of two more units from Keppel FELS in the not too distant future.
Dolphin was delisted from the Oslo Stock Exchange in 2019, the same year the firm was saved from bankruptcy by US investment vehicle SVPGlobal (64%), now its majority owner.
SD Standard – controlled by the Norwegian investor Oystein Spetalen – Luxor Capital Partners and Deutsche Bank also have stakes in the company, formerly known as Fred Olsen Energy.
Dolphin, which employs around 350 workers, moved its headquarters from Norway to Dyce, on the outskirts of Aberdeen, around three years ago.
Chief financial officer for Dolphin, Stephen Cox said: “This is huge step for Dolphin Drilling as we return to capital markets. It will provide the company with more flexibility to support our growth strategy while generating maximum return for our shareholders.”