Seismic energy company Dolphin Group, headquartered in Norway, says it is considering bankruptcy proceedings because of the weak energy market.

The company said Monday it has yet to find an agreement for restructuring with main stakeholders.

"Without a firm solution accepted by the group's main stakeholders, and in light of its financial situation, the board of directors of the company is of the opinion that the group's current business cannot be continued as it is currently carried out," the company 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."

"The board of directors has on such basis resolved to search for alternative solutions, and unless a sufficiently acceptable solution has soon been reached with the group's relevant stakeholders, the company will have no choice but to file for insolvent liquidation of the company," it said.