London, November 10, 2025, (Oilandgaspress) –– Dolphin Drilling AS provides update on the situation relating to the arbitration award against General Hydrocarbons Limited (“GHL”).
Further to the announcement made on 14 July 2025 by Dolphin concerning an order by the Federal High Court of Lagos, Nigeria, granting Dolphin leave to enforce the arbitration award previously obtained against GHL, Dolphin has today been informed by its legal counsels in Nigeria that The Asset Management Corporation of Nigeria (“AMCON”) has exercised its statutory powers to appoint a Receiver/Manager to take control of GHL.
AMCON is a statutory corporation established by the Nigerian government to stabilise the financial system by acquiring non-performing loans from banks and recovering debts owed to those banks. The Receiver/Manager has advertised his appointment and instructed all creditors of GHL to file their claims. It is Dolphin’s understanding that the Receiver/Manager appointment can be challenged by GHL.
Dolphin will continue to pursue collection efforts in respect of its unsecured claim. Dolphin will also monitor developments regarding the Receiver/Manager appointment and further seek to engage with the Receiver/Manager in accordance with Nigerian law.
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