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I did a quick Google Translate from Norwegian to English – Steven Kalavity

The trustee keeps the light on at the Bergen office , to ensure continued operation in the foreign companies . He has the old management and banks lag.

In order to hedge most of Dolphin – estate bankruptcy , banks have transferred assets to a British company , Polar Ship Invest .

The company is owned by GC Rieber Shipping, and controls Dolphins British business, writes Financial newspaper.

Tuesday wrote Maritime.no that Dolphin Group ASA had 1.77 billion in debt, including 900 million in unsecured bonds, when it was opened bankruptcy of the company.

Status in the wholly owned subsidiary Dolphin Geophysical AS, which finishes with itself bankrupt the same day , is even more discouraging.

“The board has stated that the total debt is NOK . 4653217000 , “the ruling said from Oslo City Court .

Together owe Thus mother and daughter 6.43 billion, according to the Board of Directors of the two companies .

  • Should ensure values

The amount is many times higher than what the trustee can hope to realize values in bankruptcy estates .

“The court finds that the asset has a value which is substantially lower than the total debt , so the company is insufficiency ,” the ruling said .

Trustee Havard Wiker has not yet overview of the structure of the debt and assets of the company .

  • At this stage, the total size of the debt of little importance for our work. We will ensure that no values are lost , he says to Maritime.no .

Turns not light in Bergen

The first days after the bankruptcy , he has used to get overview, negotiate with banks and ensure that no foreign companies to Dolphin to a halt (see facts) .

Dolphin Geophysical AS has about one billion in bank debt , preferably to DNB and SR Bank

Trustee Havard Wiker have – We have agreed to conduct parts of the group continue to keep the wheels turning , and the banks have guaranteed the estate costs. The agreement runs until we agree on nothing else , says Wiker .

The trustee has not turned off the lights at Dolphins offices in Bergen and Oslo .

  • The foreign companies to Dolphin is not directly affected by bankruptcies in Norway , but they are influenced by them because they greatly need administrative assistance from Bergen , he said.

The entrepreneur working on for Dolphin

Therefore , he has asked the management of Dolphin continue to run the company .

  • We must use the management company to the operational bit. Then our task to supervise them and get information about numbers here , says Wiker .

Thus, among others Erik Hokholt , founder and CFO until Monday this week, still working for the company he was with and listed for exactly five years ago.

  • A small group of us have been asked to assist the bankruptcy estate to secure values in Dolphin. This is a very important work with regard to all the creditors here, says Hokholt to Maritime.no.

Seismic equipment may be worth 1/3

Since the Dolphin do not own their ships themselves, the values primarily in the seismic equipment and the seismic library

September 30 this year put Dolphin, according to the latest quarterly report on streamers and other equipment to a new price of 3.38 billion.

The book value was set at 2.23 billion after-downs and amortization.

Analysts Maritime.no’ve talked to, however, estimate that the real value is much lower, because of the low activity in the seismic market.

Estimates range between 850 and 1.75 billion Norwegian kroner.

The boats work continues

The majority of the equipment is still in use in the three GC Rieber carriers, which is still in operation for the company.

According trustee Wiker going ships continue to work until further notice.

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  • We have a contract in Colombia, which we conduct. This has been going on for a while, and it would be foolish to end it.

The latest contract, for nine months in India from November this year, he still has not decided what to do with.

Sure value of seismic library

With banks on teams and equipment in use, raising hopes of avoiding bankruptcy pricing

The second card Dolphin sits with when it comes to values, the multi-client library with seismic data.

This was stated to have a value of $ 164 million, equivalent to 1.43 billion at the previous quarterly reporting.

It was after after the value was written down by approximately NOK 175 million.

Also this record estimates analysts Maritime.no’ve talked to in reality be significantly less worthwhile.

The lowest estimates creeps down to 310 million Norwegian kroner.

Kredittblokkert since last summer

The only certainty about debt in the Dolphin, is that it far exceeds the value.

By the last quarter reporting was the interest bearing debt stated to be approximately 2.2 billion Norwegian kroner.

Last Dolphin raised money in the market, in April this year, by issuing seven million new shares.

Since summer, Dolphins access to borrowed funds in practice, been nonexistent.

Thus there is no reason to believe that the interest-bearing debt has increased particularly since September this year.

Significant intercompany debt

With 2.2 billion in fixed-income, external debt for the group as a whole, and 6.43 billion in debt for the two bankruptcy estates alone, the intercompany debt is estimated to be 4 billion class.

This debt not stated in the quarterly reports, but we take a look at the financial statements for Dolphin Geophysical AS for 2014 makes it clear that the company owed 1.36 billion for the other companies in the group, including the parent company, a year ago.