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Oil Companies in Europe Seek Creative Funding as Lenders Retreat

  • Dolphin said to offer 15% returns to alternative investors
  • High-yield energy company bonds have lost 9% this year
Updated on

Oil services companies in Europe are finding alternative ways to raise cash and repay debt after falling crude prices made it difficult for them to get funding from traditional sources.

Dolphin Group AS has sought to persuade private-equity and hedge funds to finance projects exploring and mapping seabeds in return for interest tied to sales, according to people familiar with the matter. At least two Norwegian drillers are planning to sell and lease back ships to raise cash and fund operations as they struggle to access loan and bond markets, said the people, who asked not to be identified because the matters are private.