Øystein Stray Spetalen-controlled S.D. Standard ETC (SDSD) has sold its stake in semisub rig owner Dolphin Drilling.
SDSD said in an Oslo Bors filing that it sold nearly 50 million shares of the offshore driller which represents a 17.1% stake in Dolphin Drilling. The shares were sold for NOK1.1 per share for a total transaction size of NOK 55m ($4.9m). SDSD now does not have any stake in Dolphin Drilling.
The shares were sold through a placing of shares and 30 million shares were bought by funds controlled by Svelland Capital Trading while BO Steen Shipping acquired 15m shares. This brings Svelland Capital’s share in Dolphin to around 34% and BO Steen Shipping’s to around 10%. Strategic Value Partners holds a large stake in the firm at around 24%. Arctic Securities and DNB Markets, a part of DNB Bank, acted as joint bookrunners for the placing.
Svelland Capital Trading and BO Steen Shipping have also jointly acquired SDSD’s portion of the outstanding shareholder loan. The loan documents with Maritime Asset Partners have a market cap covenant for Dolphin Drillings of no less than NOK 600m ($53.6m).
SDSD is currently represented on the board of directors and Dolphin Drilling will begin the process of forming a nomination committee to review the board structure.
Spetalens has previously sold part of his stock in Dolphin Drilling held through Ferncliff TIH in September 2024. SDSD bought the stake in Dolphin in May 2022.
