01/25/2019

Bonheur ASA to deconsolidate Dolphin Drilling ASA

The shareholders of Bonheur ASA (“Bonheur”) will be mindful that due to the recent years’ downturn in the offshore drilling industry coupled with the termination of respectively the newbuilding- and the drilling contract for former Bollsta Dolphin semi-submersible drilling rig, Dolphin Drilling ASA (“DDASA”) has for a prolonged period made refinancing efforts in order to find a long term solution.

Based on developments in these efforts and Bonheur’s assessment of the same, DDASA will be deconsolidated in Bonheur’s fourth quarter 2018 financial reporting.

Deconsolidation comes, among other things, as a consequence of:

  • Bonheur has throughout proposed and supported various potential refinancing solutions for DDASA including contributing significant new capital; however the composition of the secured lenders has prevented implementation
  • The secured lenders of DDASA have decided to pursue other solutions
  • These solutions have not been in line with Bonheur’s strategy and will not cause Bonheur to contribute capital to be a majority shareholder
  • DDASA debt is non-recourse to Bonheur

Deconsolidation effects:

  • Improved visibility for Bonheur’s stakeholders and partners
  • Strengthening of Bonheur’s consolidated equity ratio
  • The shares in DDASA will be valued at the quoted stock price at the balance sheet dates
  • Bonheur’s green footprint becomes even more apparent

Bonheur always considers potential new capital allocations against alternative investment opportunities in other business segments.

Bonheur will publish its fourth quarter 2018 financial report on 12 February 2019, including the deconsolidation effects.