Øystein Stray Spetalen-controlled S.D. Normal ETC, previously referred to as Normal Drilling, has acquired a 25% stake in Norwegian semisub rig proprietor Dolphin Drilling for $10m by an fairness situation.
The deal contains warrants to take a position an extra $5m, bringing the entire possession as much as 32.5 %. Spetalen and Martin Nes will be a part of the board of administrators of Dolphin Drilling, with Nes proposed as chairman.
Previously referred to as Fred Olsen Vitality, Dolphin Drilling owns and operates three rigs and employs roughly 350 folks at operational bases in Aberdeen, Scotland, Stavanger, Norway, along with offshore personnel. Normal ETC controls, straight and not directly, a fleet of seven PSVs, two giant, 100% owned; and 5 medium-sized PSVs with a 28% possession curiosity.
“The present market gives alternatives for debt-free drilling contractors with ready-to-drill belongings, and we look ahead to working with the Dolphin workforce to grasp the potential of the present fleet and future rig administration operations,” stated Nes, chairman of Normal ETC.