Executive management at Oslo-listed seismic offshore carrier Dolphin has not been able to secure a restructuring agreement with its owners. After several days of negotiations, management informs that it has unanimously decided to file for bankruptcy, informs the company in a statement to the Oslo Stock Exchange.
The bankruptcy is mainly attributed to sliding oil price, which has postponed and undermined the recovery in the offshore sector in which Dolphin works with seismic activity in early stage oil project developments. After protracted negotiations between owners and management to secure a financial restructuring also ended without result, the company's management team has now decided to file for bankruptcy.
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