Dolphin Drilling AS Reveals Preliminary Q4 and Full Year 2024 Earnings
Dolphin Drilling AS recently released its preliminary financial results for the fourth quarter and full year that concluded on 31 December 2024. The interim CEO, Jon Oliver Bryce, expressed his satisfaction with the company’s progress in Q4 of 2024, characterizing it as a pivotal period for Dolphin Drilling. He highlighted revenue growth, enhanced EBITDA, and a return to profitability as positive indicators of the team’s hard work and commitment. With the company’s 60-year anniversary on the horizon in 2025, the focus remains on delivering operational excellence and generating value for stakeholders.
In Q4 2024, Dolphin Drilling recorded revenues of USD 50.0 million, a notable increase from USD 25.8 million in the same period in 2023. The full-year revenue also showed improvement, reaching USD 93.0 million compared to USD 73.5 million in 2023. The company reported a significant EBITDA increase to USD 11.0 million for the fourth quarter, a drastic positive shift from the USD 39.1 million loss in Q4 2023. Although the full-year EBITDA remained negative at USD 34.2 million, it was a marked improvement from the USD 49.9 million loss in 2023. Notably, the Q4 2024 revenue and EBITDA figures included a one-time receipt of USD 20.7 million following the termination of the Borgland drilling contract with EnQuest Ltd.
Dolphin Drilling also achieved a net profit in Q4 2024, with earnings per share of USD 0.01, a reversal from the loss of USD 0.10 per share in the same quarter in 2023. However, the full-year earnings per share remained negative at USD 0.22 compared to USD 0.26 in the previous year. The company underscored its commitment to safety, recording zero Lost Time Incidents during the quarter. Furthermore, two rigs, Paul B. Loyd, Jr, and Blackford Dolphin, demonstrated robust operational performance with an average uptime of 96% while serving their respective clients.
In pursuing its financial interests, Dolphin Drilling secured a USD 105 million arbitration award against General Hydrocarbons Limited, signaling its dedication to seeking enforcement action. A notable leadership change took place with the appointment of Jon Oliver Bryce as the interim CEO effective February 1, 2025.
The company is set to present its preliminary earnings report and conduct a company presentation on February 25, 2025, through an audiocast. This event will feature CEO Jon Oliver Bryce and CFO Stephen Cox. Participants can register to attend the audiocast via the provided link. Questions during the Q&A session can be submitted online or emailed in advance. For additional information, interested parties can connect with Ingolf Gillesdal, Corporate Finance, and Investor Relations.
Dolphin Drilling AS, headquartered in Aberdeen and listed on the Oslo stock exchange, operates a fleet of harsh environment mid-water and deep-water semi-submersible drilling rigs capable of global operations. The company’s disclosure adheres to securities regulations, and further details are available on the Oslo Bors NewsWeb site.
