Dolphin Drilling AS — Earnings Release 2024

Nov 27, 2024

Preliminary Results as of Third Quarter 2024

Preliminary Results as of Third Quarter 2024

Oslo, Norway, 27 November, 2024.

Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today announced its

preliminary financial results for the three months ended 30 September 2024

Q3 2024 highlights and subsequent events

* Q3 2024 results and highlights: Operating revenues of USD 16.5 million and

EBITDA of USD (22.1) million. Earnings per share of USD (0.10) in the third

quarter of 2024.

* Paul B. Loyd, Jr, strong uptime: In her second full quarter under Dolphin

Drilling operations and responsibility Paul B. Loyd, Jr successfully

completed operations at Harbour Energy's North West Seymour well. The rig

moved to the Gilderoy well to commence exploration works. Recorded average

uptime for the quarter was 96%

* Blackford Dolphin enroute to India and contract start in Q4: In October 2024

Blackford Dolphin arrived in India for its next drilling campaign after

departing Nigeria in July. Following customs clearance and client acceptance

the Blackford Dolphin commenced contract on 11 November 2024.

* Borgland Dolphin contract cancelled for convenience: As notified on 20

November, EnQuest elected to terminate for convenience the contract for the

Borgland Dolphin. An agreement was reached to pay USD 20.75 million to

Dolphin which was received on 25 November. The Borgland Dolphin is currently

located in Las Palmas Gran Canaria and is being actively tendered to

multiple opportunities across geographies.

* Sale of Dolphin Leader: The cold-stacked Dolphin Leader was sold in July

2024 resulting in a net USD 5.9 million cash to the company, a decision

influenced by the increasing uncertainty surrounding future activity levels

in the UK. The rig shall be recycled in a responsible manner.

* Firm revenue backlog of USD 371 million as of reporting date. USD 153.8

million Oil India contract was confirmed in an official signing ceremony in

India during July 2024, the same value was previously recorded in backlog as

a Letter of Award. The value associated with the Borgland EnQuest contract

has been removed.

The preliminary earnings report and company presentation are enclosed. The

results will be presented on 27 November 2024 through an audiocast starting

15:00 CET. The presentation will be held by CEO Bjørnar Iversen and CFO

Stephen Cox.

Link to Q3 audiocast:

https://edge.media-server.com/mmc/p/o7k3zkpt

To participate in the audiocast and ask questions during the Q&A session

please use this link to register:

https://register.vevent.com/register/BI721a56450ccc407fa0b4beb721c5c999

1. Click on the call link and complete the online registration form.

2. Upon registering you will receive the dial-in info and a unique PIN to

join the call as well as an email confirmation with the details.

3. Select a method for joining the call;

i. Dial-In: A dial in number and unique PIN are displayed to connect

directly from your phone.

ii. Call Me: Enter your phone number and click "Call Me" for an

immediate callback from the system. The call will come from a US

number.

Participants may also visit the Investor Relations section of the Company's

website at www.dolphindrilling.com and click on the link to "Q3 2024 Investor

Presentation Audiocast".

There will be a Q&A session following the presentation. Written questions can

be submitted through the audiocast solution during the presentation. It is

also possible to submit questions to Ingolf.gillesdal@dolphindrilling.com in

advance.

For further information, please contact: Ingolf Gillesdal, Corporate Finance

and Investor Relations, tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com (http://www.dolphindrilling.com/)

Dolphin Drilling is a leading harsh environment drilling contractor for the

offshore oil and gas industry. Dolphin Drilling owns a fleet of three high

-technical standard 4th and 5th generation enhanced Aker H3 and H4 units,

Blackford Dolphin, Borgland Dolphin, and Paul B. Loyd, Jr., operated by an

experienced team with a strong operational track record. The company has

offshore and onshore offices and operations in Norway, Scotland, India and

Brazil.

This information is subject to disclosure requirements pursuant to the

Securities Trading Act §5-12.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2024-11-27 07:30 CET.