Fred. Olsen Energy (FOE) has binned its restructuring plans after commodity price volatility derailed its efforts to sell a vessel for £266 million.
FOE said the prospective buyer of the Bolette Dolphin drillship had pulled out of the deal due to recent significant changes in oil price.
The company said its restructuring proposals were no longer viable and that alternatives would have to be discussed with stakeholders.
Earlier this month, FOE said it would have to file for bankruptcy unless a solution was found.
FOE was formed in 1997 with the merger of all energy-related activities affiliated to the Fred. Olsen companies, with Dolphin Drilling as the group’s operating company.
FOE is the main owner of the Harland & Wolff shipyard in Belfast.