Seismic Surveyor Dolphin Files for Bankruptcy as Oil Woes Spread
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Dolphin Group ASA, a Norwegian seismic surveyor that maps the seabed for oil and gas reservoirs, filed for bankruptcy as the collapse in crude prices claimed another victim.
The Oslo-based company failed to reach a agreement with bondholders, banks and other stakeholders to restructure its debt and capital structure after months of talks and will file a petition for bankruptcy on Monday, it said in a statement. Trading in the company’s stock, which has plunged 96 percent this year to 0.11 krone, was suspended by the Oslo stock exchange and the Financial Supervisory Authority.