Dolphin Drilling Shareholders Propose New Chairman of the Board

Exciting developments are underway at Dolphin Drilling as two of its major shareholders, Svelland Capital and B.O. Steen Shipping, have increased their stakes in the company and proposed a new chairman of the board.

Last week, Svelland Capital and B.O. Steen Shipping boosted their respective shareholdings in Dolphin Drilling to 34% and 10%. In a strategic move, the two shareholders have put forward Ronny Bjørnådal as the proposed new chairman of the board, alongside Bertel Steen, CEO of B.O. Steen Shipping, as a new board member.

Bjørnådal brings a wealth of experience in the international finance sector, specializing in financing major players in shipping, offshore, and oil services. Steen, on the other hand, has a background as a partner at Clarksons Securities, adding valuable expertise to the board.

Tor Svelland, investment director at Svelland Capital, expressed his confidence in Dolphin Drilling and the future of the rig market. He highlighted the increasing demand for older, well-maintained rigs like those owned by Dolphin Drilling, noting a favorable market balance due to rising demand and increased rig scrapping.

In a message to Dolphin Drilling, the two investors acknowledged the challenges faced by the rig industry in recent years but pointed towards a positive trend of improved market conditions on the Norwegian and British continental shelves in the North Sea.

Steen emphasized the significance of the oil, gas, and energy industry in Europe, stressing the need for more energy to secure the region’s energy supply in the future.

With the proposed new appointments to the board, Dolphin Drilling is poised to benefit from strategic expertise and a solid network that will drive the company forward in the evolving energy landscape.