Reference is made to the previous market communications of Dolphin Drilling ASA regarding its financial situation and restructuring efforts.
As repeatedly communicated to the market, the Company is insolvent and operating at a loss. Following the secured lenders' agreement to carry out a recapitalisation as set out in the Company's market communication of 12 April 2019 (the "Drilling Recapitalisation"), the Company has made best efforts to facilitate an agreement on the Drilling Recapitalisation among all relevant creditors. However, despite the Company's notable efforts, such agreement has not been possible to achieve.
The Company's secured lenders have made it clear that the Drilling Recapitalisation will be implemented on a non-consensual basis if a consensual implementation is not viable.
On this background, the board of the Company has resolved to file for bankruptcy unless the relevant creditors and the Company agree on the Drilling Recapitalisation (or any other restructuring alternative) by 2 PM on Tuesday 25 June 2019.
This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act.