Yes, the drives can operate on this type of power system.
However, it is necessary to disconnect the input RFI filter inside the drive.
See the ATV31 or ATV312 installation bulletin, for directions on how to disconnect the input RFI filter.
Give attention to the part numbers because not all ATV312/ATV31 drives have the RFI filter included.
If no RFI filter is built into the drive, it is not necessary to make any adjustments.
NOTE: Ungrounded systems may cause problems with high voltage with respect to ground. If the system floats high enough circuit boards can be damaged.