Dolphin Drilling AS Issues Update on Private Placement and Related Refinancing

Strategic Insights -

Dolphin Drilling AS has recently completed a private placement of new shares, raising gross proceeds of NOK 297,644,400. This move is part of a larger effort to strengthen the company's finances and potentially pursue a subsequent share offering. The private placement has attracted attention, particularly due to the significant allocations of shares to key insiders and their associates.

Key Takeaways:

  • Dolphin Drilling AS has completed a private placement of 29,764,440,000 new shares, raising NOK 297,644,400 (approximately USD 29 million).
  • The private placement was oversubscribed, with the Company opting for the full allocation of shares to primary insiders and their close associates.
  • Ronny Bjornadal, chair of the board of directors, has a close associate, Bjornadal Invest AS, which will receive 481,274,750 shares.
  • Bertel Steen, a board member and primary insider, has associates that will receive a substantial allocation of shares, including B.O Steen Shipping AS (4,812,747,500 shares) and Skarris Kapital AS (114,616,515 shares).
  • Key executives will also receive shares:

+ CEO Jon Oliver Bryce: 25,000,000 shares

+ CFO Ingolf Gillesdal's associate, Golfnyc AS: 25,000,000 shares

+ COO Johan Finnestad: 20,000,000 shares

+ CTO Per Vangsgaard: 15,000,000 shares

  • The Company's board of directors and management will hold a significant portion of the newly issued shares, potentially impacting their influence on the Company's direction.

Statistics:

  • The private placement consisted of 29,764,440,000 new shares, at a price of approximately NOK 10 per share (based on the gross proceeds of NOK 297,644,400).
  • The allocation of shares to primary insiders and their associates totals 8,441,940,015 shares (28.3% of the total shares issued).
  • CEO Jon Oliver Bryce will own approximately 0.055% of the Company's shares post-issuance (based on his allocation of 25,000,000 shares).
  • CFO Ingolf Gillesdal's associate, Golfnyc AS, and other executives will also hold significant proportions of the Company's shares post-issuance.

Sources:

  • Dolphin Drilling AS news release, dated July 21, 2025.