UK fabricator Harland and Wolff has declared “business as usual” after owner Dolphin Drilling completed a financial restructuring process that includes the latter’s Norwegian holding company filing for bankruptcy.
The Belfast yard is currently up for sale and the changes at Dolphin, which include the setting up of a new Jersey-based holding company, “are not expected to impact” this, according to a spokesperson.
“We are operating very much on a business as usual basis,” added the H&W spokesperson.
The final load-out of jacket foundations destined for ScottishPower Renewables’ 714MW East Anglia 1 wind farm off east England, 18 of which were assembled at the facility, is underway.
Dolphin, formerly known as Fred Olsen Energy, started the sales process for the yard earlier this year amid wider group restructuring efforts designed to clear debts of over $700m.
Dolphin said its Jersey holding company will be led by a new management team and will be net-debt free with a “strong balance sheet and increased financial flexibility”.
The company’s new majority shareholder is SVP Global, which specialises in distressed debt investments.