Financial Wire

Dolphin Drilling Upsizes Share Offering to $62.5 Million

-- Dolphin Drilling (DDRIL.OL) increased its share offering to $62.5 million from the target range of $50 million to $55 million, citing strong investor demand.

Directors of the offshore drilling contractor allocated 236 million shares at 2.50 Norwegian kroner apiece upon completion of the offering, according to a Wednesday release.

Net proceeds from the offering will be used to repay the $7.5 million bridge loan secured as part of amendments to existing credit facilities. Funds will also be directed to preparations of the Borgland Dolphin semi-submersible drilling rig for a contract with Spanish energy group Repsol (REP.MC), working capital, and general corporate expenditures.

Arctic Securities, DNB Bank's DNB Carnegie, and Fearnley Securities are the joint bookrunners of the offering.

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