OSLO, Norway, Dec. 14 (UPI) -- Seismic energy company Dolphin Group, headquartered in Norway, says it is filing for bankruptcy proceedings because of the weak energy market.
The company said that without a "firm solution" on the way forward, its current way of doing business is no longer sustainable.
Chairman Tim Wells said Monday that all trading of Dolphin shares and bonds would be halted.
"Due to the continued deterioration in the oil service market Dolphin has had to make the decision to file for bankruptcy," he said in a statement.
Crude oil prices are about 40 percent less than they were at this point last year. As a result, most major energy companies are finding themselves without the cash needed for a robust exploration and production program next year.
A report by Statistics Norway shows total investment in oil, gas, manufacturing, mining and electricity for 2015 so far is $27.4 billion, down 9.4 percent year-on-year. For oil and gas alone, the year-on-year decline was 11.8 percent.
Still, the government agency said Norway has one of the highest levels of gross domestic product per capita among European nations.
"The level of GDP per capita for Norway in 2014 was closer to the European average compared to 2012 and 2013 due to the export price decrease for crude oil," Statistics Norway said.
In early December, Dolphin said most of its stakeholders indicated they'd prefer a restructuring, but warned its available liquidity was "limited."
"It is a difficult decision, but in light of the unpredictability of the oil price and subsequent spending cuts of our customers, it has become impossible to have the visibility needed to continue our business," Wells said.