Vis børsmeldingen
The second quarter represented a significant step forward in Dolphin
Drilling’s repositioning, with increased long-term contract coverage,
continued strong safety and operational performance and a completed
refinancing materially strengthening earnings visibility, liquidity and
financial flexibility.
Highlights
- Total revenue of USD 44.9 million in the second quarter (Q2 2025: USD 47.4
million) and USD 89.6 million for the first half (1H 2025: USD 93.0 million)
- EBITDA of USD 7.0 million in the quarter (Q2 2025: USD 5.5 million) and USD
15.3 million for the first half (1H 2025: USD 10.4 million), an increase of
approximately 47 per cent year on year
- Total operating expenses reduced to USD 32.7 million in the second quarter
from USD 36.2 million year on year; underlying G&A of USD 4.3 million
- Multi-year contract awards secured for Paul B. Loyd Jr. and Borgland
Dolphin, extending fleet contract coverage to 2030 and 2031 respectively
- Firm revenue contract backlog of USD 557 million as at 30 June 2026, with a
further USD 446 million in options
- Cash of USD 55.1 million at quarter end (31 December 2025: USD 30.5 million)
- Paul B. Loyd Jr. achieved 99.8 per cent uptime and Blackford Dolphin 90.2
per cent uptime in the quarter; the Company passed 1,000 days
lost-time-injury free on Blackford Dolphin
Chief Executive Officer commentary
“This quarter marks a structural change in Dolphin Drilling’s position and
further demonstrates our ability to deliver on our goals and objective with
strong operational performance, good cost discipline and excellent contract
backlog all evident.” said Michael Boyd, Chief Executive Officer.
"The two multi-year awards secured for Paul B. Loyd Jr. and Borgland Dolphin
transform our revenue outlook, extending contracted backlog across the latter
half of the decade. Combined with the equity raise completed in May, we now
have both the earnings visibility and the financial flexibility to execute the
Borgland reactivation and capitalise on growth opportunities in an
increasingly supply-constrained market, where fewer than 15 moored
semi-submersibles are currently marketed worldwide.
Financial review
Revenue for the quarter comprised charter revenue of USD 34.4 million and
other revenue of USD 10.5 million. The year-on-year movement reflects lower
mobilisation revenues and the commencement in May of the new multi-year
contract for Paul B. Loyd Jr., which secures long-term earnings visibility at
a reduced dayrate. Borgland Dolphin was in lay-up and undergoing reactivation
preparation throughout the period and contributed no charter revenue.
Rig operating expenses were USD 21.1 million, project costs USD 9.2 million
and lay-up expense USD 2.4 million. Daily operating costs averaged USD 90,000
for Paul B. Loyd Jr. and USD 143,000 for Blackford Dolphin, both marginally
improved on the prior quarter. Borgland Dolphin stacking costs of USD 26,000
per day marginally increased as planned due to the commencement of
reactivation and class renewal preparation.
Net financial items represented a cost of USD 4.5 million, compared with USD
10.8 million in the corresponding quarter, comprising interest expense of USD
3.5 million and non-recurring refinancing fees of USD 3.5 million, partially
offset by a positive foreign exchange movement of USD 2.5 million.
Cash at 30 June 2026 was USD 55.1 million, of which USD 4.1 million was
restricted in support of a performance bond on an ongoing contract. Capital
expenditure was USD 0.9 million in the quarter and USD 2.1 million for the
first half. Interest-bearing debt comprises a current portion of USD 19.7
million, relating to monthly repayments commencing January 2027, and a
non-current portion of USD 67.3 million representing the loan facility and a
bond with maturity extended to March 2028.
Operational and company update
Paul B. Loyd Jr. is contracted to September 2030 with a firm revenue backlog
of USD 247 million, operating offshore UK with Harbour Energy and currently on
sublet to Ithaca Energy. Its special periodic survey was completed in
September 2025, with limited investment planned over the coming four years.
The client has an option at the end of the existing firm contract to either
continue with a 2-year contract, or a 5-year contract, both at fixed dayrates.
Borgland Dolphin is contracted to November 2031 with a firm revenue backlog of
USD 291 million and five years of options thereafter estimated at USD 287
million. The rig is expected to complete its class renewal by November 2026,
with remaining survey capital expenditure budgeted at USD 12 million, ahead of
operations offshore Spain and subsequently offshore UK.
Blackford Dolphin continues its three-well exploration campaign for Oil India
Ltd in the Andaman Sea, India. The Company is in active dialogue regarding
follow-on work and other prospects across several regions. The rig’s next
required class renewal falls due in April 2027.
Dolphin Drilling continues to evaluate strategic initiatives aimed at
enhancing long term shareholder value. The Company is currently engaged in
preliminary, non binding discussions concerning certain organic growth
opportunities as well as potential business combinations.
Market outlook
The Company continues to see structural demand support for moored
semi-submersibles in mature basins, underpinned by rising global energy
investment, a substantial and non-discretionary UK plug and abandonment
programme with a large number of wells still requiring decommissioning, and
improving exploration economics. Set against this, the marketed global fleet
of standard moored semi-submersibles has declined from approximately 140 units
in 2010 to fewer than 15 units today.
Presentation and webcast
Dolphin Drilling will present its second quarter 2026 results today, 19 August
2026, at 15:00 CET. The presentation will be held by Chief Executive Officer
Michael Boyd and Chief Financial Officer Ingolf Gillesdal. The quarterly
report and presentation materials are attached to this announcement and
available at The offshore drilling pioneer - Dolphin Drilling.
(https://www.dolphindrilling.com/)
For further information, please contact:
Ingolf Gillesdal, Chief Financial Officer ingolf.gillesdal@dolphindrilling.com
| +47 92 04 53 20
About Dolphin Drilling
Dolphin Drilling AS, headquartered in Aberdeen, UK, is an owner and operator
of a fleet of harsh environment mid-water & deep-water semisubmersible
drilling rigs, capable of working worldwide. The company is listed in Oslo.
This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-08-19 07:30 CEST.
Kilde
