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Dolphin Drilling shareholders, Svelland Capital and B.O. Steen Shipping, have proposed a new chairman of the board following the two increasing their stakes in the company.
Svelland Capital and B.O. Steen Shipping increased their respective shareholdings in Dolphin Drilling to 34% and 10% last week. On Thursday, the two proposed Ronny Bjørnådal as the new chairman of the board. The stakeholder tandem also proposed Bertel Steen, CEO of B.O. Steen Shipping, as a new board member.
Bjørnådal is a veteran within the international finance community financing large global players in shipping, offshore, and oil service for decades while Steen was previously a partner at Clarksons Securities.
“I have a strong belief in both Dolphin Drilling and the rig market going forward, and we are a long-term shareholder in the company. If elected, with Bjørnådal and Steen on the board, the company will gain valuable strategic expertise, as well as a solid network,” said Tor Svelland, investment director at Svelland Capital.
He added that there is an increase in demand for “older and well-maintained workhorses” like the ones Dolphin Drilling owns. Svelland believes that the demand increase, along with increased rig scrapping, makes the market balance very attractive.
The two investors said in a message to Dolphin Drilling that, although the last few years have been tough for the rig industry in general, they now see a clear trend towards improved market conditions on both the Norwegian and British continental shelves in the North Sea.
“It is an extremely exciting time for the oil, gas and energy industry in general. Europe needs more energy to secure its energy supply going forward,” added Steen.
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