Dolphin Drilling gets new CFO as interim CEO is promoted to permanent position

Norway-headquartered offshore drilling contractor Dolphin Drilling has promoted its interim Chief Executive Officer (CEO) to a permanent role and appointed a new Chief Executive Officer (CFO).

According to the Norwegian firm, Jon Oliver Bryce, who was named interim CEO in late January, has been appointed permanent CEO, effective immediately.

With over 30 years of experience in the drilling industry, Bryce previously held the position of Chief Strategy Officer at Dolphin Drilling. Before joining the company, he held senior positions, including leadership roles at Awilco Drilling and Odfjell Drilling.

The newly-elected CEO has a degree in Mechanical Engineering. He is a member of the supervisory board of the UK Chamber of Shipping and the chair of the British Rig Owners Association.

Bryce noted: “I see opportunity for Dolphin Drilling going forward. In the drilling rig sector that we currently operate, supply is at an all time low following a prolonged period of downturn and scrapping. Rig demand, however, is now building due to a combination of macro and basin-specific reasons, creating an ever-tightening market segment.

“With a highly competent organisation, our 60-year track-record of delivering operational excellence across the globe and now the backing of new major shareholders, the company is uniquely positioned to capitalise on this emerging market imbalance and to create value.” 

The new CEO also believes the market will see a consolidation going forward, in which he expects Dolphin Drilling to play a major part. He initially intends to focus on delivering an improved version of the company, with a focus on cost control, organizational optimization, and maximizing financial efficiency.

Moving forward, Bryce’s vision encompasses growing and sector-consolidating through what he calls opportunistic and accretive mergers and acquisitions (M&A) to further enhance his company’s investment case.

Furthermore, the Norwegian player disclosed that its CFO, Stephen Cox, is stepping down. VP Corporate Finance & Investor Relations, Ingolf Gillesdal, is set to take his place, effective from April 15, 2025. Cox will stay on until the summer to support the company and the CFO transition.

“I am very pleased to announce Mr. Gillesdal to follow Mr. Cox as CFO. We are extremely satisfied with the job Mr. Cox has done for the Company over the past 5 years as well as his strong dedication to ensure a seamless transition over the next few months.

“Furthermore, we are very satisfied that we were able to secure valuable continuity in Mr. Gillesdal with strong focus on control and compliance, which is highly important to secure a steady financial platform to position the Company well for future business opportunities,” said Dolphin Drilling’s Chairman, Ronny Bjørnådal.

Gillesdal has more than 25 years experience in the rig industry starting off in corporate and investment banking before moving into operations in marketing, finance and strategy.

He has been with Dolphin Drilling since 2018 and has what Dolphin says is an in-depth knowledge of the company. According to Bryce, he is an asset on many different levels, including his strong and established relationships with the investor markets and our clients.

Finally, the company disclosed that an extraordinary general meeting was held on March 27, 2025. A new board was elected with Ronny Bjørnådal as the new Chairman and Bertel Steen as a new board member. The Norwegian player also shared that Svelland Capital and B.O. Steen Shipping increased their shareholdings in Dolphin Drilling to 36% and 10%, respectively.