Dafora becomes insolvent. The company’s shares collapse by 15 pc

Dafora Drilling Company (DAFR), controlled by businessman George C?lburean, has announced on Wednesday that it requested the stock exchange to enter insolvency, and investors immediately reacted to the information, DAFR shares have fallen by 14.7% to a price of RON 0.013/share.

The reasons listed by the company in the application to enter insolvency are linked to the deteriorating situation due to fewer drilling contracts as a result of lower investments, following the fall of oil prices, but also because the company lacks the money to pay the fine coming from the Competition Council and the obligations to the state budget.

Dafora concluded last year with revenues of RON 198 million, up by by 25% compared to 2013 and a net profit of RON 4.6 million against losses of RON 149.8 million in 2013.

In January, the Competition Council decided to penalize four drilling companies with fines of EUR 3 million for anti-competitive behaviour in a series of auctions held by Romgaz between June 2008 and October 2009.

The companies that had 70% of the market at the time were Dafora, Foraj Sonde Craiova (FOSB), Foraj Sonde Mure? (FOSP) and Aquafor International, a company controlled by the Upetrom group, disbanded in the meantime.

Competition CouncilDaforaForaj Sonde CraiovaGeorge Calbureaninsolvencystock exchange
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