POLAR DUKE

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Dolphin Geophysical files for bankruptcy

Oslo-listed seismic vessel operator Dolphin Group has announced today that it will file for bankruptcy. Dolphin has been in talks with stakeholders over its debt issues but has failed to reach an agreement. The company’s board unanimously made the decision citing “the fact that the market has further deteriorated and that the expected timeline for an uplift in the market conditions has been further extended.” Both the parent company Dolphin Group and operating subsidiary Dolphin Geophysical will file a petition for bankruptcy with its relevant court today. Tim Wells, chairman and Atle Jacobsen, CEO of Dolphin, commented; “Due to the continued deterioration in the oil service market Dolphin has had to make the decision to file for bankruptcy. It is a difficult decision, but in light of the unpredictability of the oil price and subsequent spending cuts of our customers, it has become impossible to have the visibility needed to continue our business. We have worked diligently since 2011 to build Dolphin into a company that would benefit all of our stakeholders- shareholders, lenders, suppliers, customers and our employees.” All trading of the company’s shares and bonds will be halted. http://splash247.com/dolphin-geophysical-files-for-bankruptcy/

Contract for Polar Duke extended

Dolphin Geophysical has announced that TGS has exercised an option to extend the contract for Polar Duke by two months. This secures work for the vessel to early October 2011, at which time TGS have a second option to extend the contract by another six months