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.