Norway · Delayed Price · Currency is NOK Dolphin Drilling AS Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw strong EBITDA growth, improved cost control, and narrowed net loss, supported by high rig uptime and new contract backlog. Liquidity was boosted by equity offerings, but 2026 financing needs remain a focus amid tight North Sea rig supply and ongoing market opportunities.
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Q3 saw strong operational performance but an EBITDA loss due to PBLJ downtime, with revenues at $37.7M. Contract wins boosted backlog, cost controls improved efficiency, and liquidity was strengthened through refinancing and equity. Market conditions remain favorable for rig owners.
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H1 2025 saw a turnaround to positive EBITDA, major refinancing, and new leadership, with two rigs on contract and a strong contract backlog. Despite a large tax claim and ongoing legal uncertainties, liquidity improved and the company is well positioned in a tightening rig market.
Fiscal Year 2024
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Q4 2024 saw higher revenues and EBITDA, driven by new contracts and a major arbitration win. Two rigs are on long-term contracts, with a third actively marketed. The company holds a $340 million backlog and expects a tighter rig market and increased demand from 2026.
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Two rigs are now on long-term contracts, stabilizing revenue and operations. Q3 saw a $22.1 million EBITDA loss due to Blackford Dolphin transit costs, but future cash flow is expected to improve as both rigs operate and legal costs decline. Firm backlog stands at $371 million.
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Q2 saw $16.4M in revenue, an EBITDA loss of $6.3M, and a net loss of $14.1M, with all three rigs now contracted and a $431M backlog. Fleet optimization continued with rig sales, while legal and market uncertainties persist, especially in the UK.