Semisub rig owner Dolphin Drilling has raised NOK432m ($40m) via a private placement of some 72m shares.
The company said in Oslo filing the net proceeds would be used to secure adequate runway towards having three out of the four rigs back in operation as well as to provide contingency related to uncertainty about the outstanding receivables from General Hydrocarbons Limited and the tax claim from the His Majesty’s Revenue & Customs (HMRC).
Dolphin’s two largest shareholders, Strategic Value Partners and S.D. Standard ETC, subscribed for and conditionally allocated, shares worth about NOK 100m divided equally. In addition, B.O. Steen Shipping was allocated NOK 50m worth of shares while Surfside Holding was allocated NOK 54m.
The private placement was managed by Arctic Securities, Clarksons Securities and DNB Markets.
The company has also resolved to carry out a subsequent offering with non-tradeable subscription rights of up to 10m new shares at the offer price, each with a par value of NOK 1 directed towards existing shareholders.
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