Dolphin Group and its subsidiary Dolphin Geophysical have filed for bankruptcy just days after it warned insolvency loomed if it could not reach an agreement with its main stakeholders.

Dolphin said that with the continued deterioration of the market, “the board of directors of the company has unanimously come to the conclusion that there is no longer a basis for continued operations, and subsequently the assumption of a going concern cannot be upheld”.

As a result it said it would be filing a bankruptcy petition for both Dolphin Group and Dolphin Geophysical.

Tim Wells, chairman and Atle Jacobsen, ceo of Dolphin commented: “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.

“We have worked diligently since 2011 to build Dolphin into a company that would benefit all of our stakeholders- shareholders, lenders, suppliers, customers and our employees.”

Dolphin operates a fleet of seven seismic vessels.

The company is listed on the Oslo Stock Exchange and its shares have been suspended from trading, and a request will be made that they do not resume trading.