Dock-bottom oil prices look set to claim another offshore player, Norway’s Dolphin Geophysical, as the company reports it “will have no choice” but to file for insolvency unless a deal can be struck with its shareholders.
Shortly after news of a $31.1m loss in Dolphin’s third quarter, with a 9-month loss of $41.6m, the company began exploring options for restructuring including the financing or sale of its multi-client library.
However, a statement from cfo Erik Hokholt today announced that: “The company... is yet to reach an agreement with the group’s main stakeholders that will allow for a successful completion of the Restructuring.
“Without a firm solution accepted by the group’s main stakeholders, and in light of its financial situation, the board of directors of the company is of the opinion that the group’s current business cannot be continued as it is currently carried out.
“The Board of Directors has on such basis resolved to search for alternative solutions, and unless a sufficiently acceptable solution has soon been reached with the Group’s relevant stakeholders, the company will have no choice but to file for insolvent liquidation of the company.”
The news comes following another recent bankruptcy and loss of 102 jobs after UK-based Ceonadefaulted on a charter and subsequently went into administration.
Seatrade Maritime News - By Charlie Bartlett from London