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The drilling company Fred. Olsen Energy, which recently stopped paying its creditors, posted a low quarterly profit on Wednesday.
After a $ 96.7 million write-down on the Belford Dolphin area, operating income decreased by $ 202 million, respectively.
Only one of the company's five nuclear giants is under contract and is therefore working to blow up new, ill-drawn contracts.
– New contract opportunities are aggressively pursued, writes the company in the presentation [19659002] Among other things, the company sees excellent opportunities for the jewel of the fleet, the Bolette Dolphin, built in 2013.
– We participate in specific offers in West Africa, Central and South America, Mediterranean and India, says Finance Director Hjalmar Krogseth Moe in Fred . Olsen Energy to Hegnar.no
– Bolette Dolphin is a 7th generation, high capacity drill ship. He adds that the interest of this type of drilling, coupled with the experience of major types of water and borehole management, is attracting a lot of interest in drilling, he says. .
Moe can talk about good opportunities in all offers. Large overcapacity, also in the segment of the most advanced drilling vessels.
When asked if there are any players interested in buying Bolette Dolphin, and if sales may be relevant, the CFO is in a quiet position.
– We have no other comments regarding drilling, he says.
In constructive discussions
The rigging company is in violation of the loan terms relating to the bond loan FOE05 after the temporary relief of the company had not been extended until June 30 of this year.
In order to maintain liquidity, the company has therefore decided to further serve the obligations of its financial creditors.
– Constructive discussions continue with the financial creditors, it is indicated in the presentation.
The company expects that a long-term solution is to recover new equity, as well as to make certain changes in the bank facilities and in the bond loan. , which includes debt reduction.
In the first quarter report, the drilling company explained that she had hired a financial advisor to help her find a solution.
After the experience of Hegnar.no, it is ABG Sundal Collier assists Fred. Olsen Energy in this process.
Evercore was hired as a bank advisor, while AMA Capital Partners assists bondholders, according to sources Hegnar.no spoke of.
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