Akin Gump Advises Strategic Value Partners in $611 Million Restructuring of Dolphin Drilling
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(London) – Akin Gump has advised funds managed by Strategic Value Partners LLC in relation to the successful restructuring of a US$611 million senior secured credit facility advanced to Dolphin Drilling ASA (formerly Fred. Olsen Energy ASA), an Oslo Børs-listed international drilling contractor. SVP is a global alternative investment firm and was the single largest senior secured lender to Dolphin Drilling ASA,
The Akin Gump team advised SVP on options for the implementation of a consensual financial restructuring of Dolphin Drilling ASA’s financial indebtedness and provided contingency planning advice regarding non-consensual restructuring options.
The restructuring was ultimately implemented on a non-consensual basis, with the unanimous support of the company’s senior secured lenders. The transaction involved the sale of Dolphin Drilling ASA’s key assets to a vehicle which is majority-owned by SVP, a debt for equity swap and reinstatement of a significantly reduced amount of bank debt, and the provision of new financing to the business.
The Akin Gump team was led by financial restructuring partners James Terry and Emma Simmonds, supported by finance partner Sam Brodie, counsel Caoimhe Kennedy and associates Rob Whittle, Diana Dai, Chris Parrott, Blake Sherry and Matthew Durward-Thomas.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East
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