Standard ETC acquires 25% interest in Dolphin Drilling

Standard ETC, an Oslo Stock Exchange-listed company formerly known as Standard Drilling, has acquired 25% of offshore drilling operator Dolphin Drilling for $10 million through a share offering.

Martin NesStandard ETC Chief Executive, said: “We are delighted to announce our investment in Dolphin Drilling, a company with deep industrial roots dating back to 1965 and one of the first drilling companies in the North Sea. Today , the Company owns and operates three energy-efficient moored semi-submersible oil rigs and employs approximately 350 people. The current market presents opportunities for debt-free drilling contractors with ready assets and we look forward to working with the Dolphin team to realize the potential of current fleet and future rig management operations”

Standard ETC on Friday acquired 25% of Dolphin Drilling through a stock offering for a cash payment of $10 million with warrants to invest an additional $5 million, bringing total ownership to 32.5%. Dolphin Drilling has no interest-bearing debt.

Dolphin Drilling, formerly known as Fred Olsen Energy, owns and operates a fleet of upgraded 5th and 6th generation Aker H3 units. The company employs approximately 350 people at operating locations in Aberdeen, Scotland and Stavanger, Norway, in addition to offshore staff. In October 2021, Dolphin Drilling also secured the marketing rights for the seventh generation KFELS Moss Maritime CS60 ECO MW semi-submersible drilling rigs.

Øystein Stray Spetalen and Martin Nes will join Dolphin Drilling’s Board of Directors, with Nes proposed as Chairman.

As of the end of March 2022, Standard ETC held approximately $80 million in cash and marketable securities.

In addition, Standard ETC owns a fleet of seven Platform Supply Vessels (PSV), of which it owns two large PSVs with 1050m2 of open deck space. Standard Viking is operating at a daily rate of £11,000 until January 2023, while Standard Supplier is currently operating at a daily rate of €15,000. The company owns 28% of five medium-sized PSVs. Currently, spot prices for PSVs range from £15,000 to £20,000.

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