Dolphin Drilling AS — Earnings Release 2024

Feb 25, 2025

Dolphin Drilling AS Announces Q4 and Full Year 2024 Preliminary Earnings Report

Dolphin Drilling AS Announces Q4 and Full Year 2024 Preliminary Earnings Report

Oslo, Norway -- 25 February 2025

Dolphin Drilling AS (OSE: DDRIL) today announced its preliminary financial

results for the fourth quarter and full year ended 31 December 2024.

"I am pleased with the company's performance in the fourth quarter of 2024,

which marks a watershed for Dolphin Drilling," said Jon Oliver Bryce, interim

CEO of Dolphin Drilling AS. "Our revenue growth, improved EBITDA and return to

profitability are positive developments, and are testament to the hard work

and dedication of the Dolphin team. As we celebrate our 60-year anniversary in

2025, we are focused on delivering operational excellence to our customers and

creating value for our shareholders."

Q4 2024, Full Year Highlights and Subsequent Events

* Revenue Growth: Dolphin Drilling reported revenues of USD 50.0 million for

the fourth quarter, compared to USD 25.8 million in Q4 2023. Full-year

revenues reached USD 93.0 million, up from USD 73.5 million in 2023.

* EBITDA Improvement: The company reported an EBITDA of USD 11.0 million for

the fourth quarter, a significant improvement from an EBITDA loss of USD

39.1 million in Q4 2023. For the full year, EBITDA was a loss of USD 34.2

million, compared to a loss of USD 49.9 million in 2023.

* Q4 2024 Revenue and EBITDA include the one-off receipt of USD 20.7 million

following the termination of the Borgland drilling contract with EnQuest

Ltd.

* Net Earnings: Dolphin Drilling achieved a net profit with earnings per share

of USD 0.01 in the fourth quarter, compared to a loss of USD 0.10 per share

in Q4 2023. Full-year earnings per share were a loss of USD 0.22, in

comparison to a loss of USD 0.26 in the previous year.

* Continued strong Safety Records: The company maintained a strong safety

record, with zero Lost Time Incidents recorded during the quarter.

* High Rig Utilization: Two rigs, Paul B. Loyd, Jr, and Blackford Dolphin,

were on contract with an average operational uptime of 96%, performing

strongly for their respective clients.

* Arbitration Outcome: USD 105 million arbitration award against General

Hydrocarbons Limited, the company continues to pursue enforcement action.

* Leadership Change: Jon Oliver Bryce was appointed interim CEO, effective

from 1 February 2025.

The preliminary earnings report and company presentation are enclosed. The

results will be presented on 25 February 2025 through an audiocast starting

15:00 CET. The presentation will be held by CEO Jon Oliver Bryce and CFO

Stephen Cox.

Link to Q4 audiocast:

https://edge.media-server.com/mmc/p/kqww4t34

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

please use this link to register:

https://register.vevent.com/register/BI0d08854680984202a6f5f06748de65e1

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 "Q4 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

About Dolphin Drilling AS:

Dolphin Drilling AS is an Oslo listed, Aberdeen head-quartered, company which

owns and operates a fleet of harsh environment mid-water & deep-water

semisubmersible drilling rigs, capable of working worldwide.

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

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

2025-02-25 07:30 CET.