Dolphin Drilling releases preliminary earnings for Q4 and full year 2024
Dolphin Drilling has released its preliminary financial results for the fourth quarter and full year ending on December 31, 2024.
The interim CEO of Dolphin Drilling, Jon Oliver Bryce, expressed satisfaction with the company’s fourth-quarter performance in 2024. He highlighted the significance of this period for Dolphin Drilling, noting positive developments such as revenue growth, improved EBITDA, and a return to profitability. Bryce credited the hard work and dedication of the Dolphin team for these achievements. Looking ahead to the company’s 60th anniversary in 2025, he emphasized their focus on providing operational excellence to customers and delivering value to shareholders.
The financial highlights for the fourth quarter of 2024 and the full year, as well as subsequent events, are as follows:
• Revenue Growth: Dolphin Drilling reported revenue of USD 50.0 million for the fourth quarter, a significant increase from USD 25.8 million in Q4 2023. Full-year revenues also saw growth, reaching 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 substantial improvement from the EBITDA loss of USD 39.1 million in Q4 2023. For the full year, the EBITDA loss was USD 34.2 million, compared to USD 49.9 million in 2023.
• Q4 2024 Revenue and EBITDA included a 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 in the fourth quarter, with earnings per share of USD 0.01, in contrast to a loss of USD 0.10 per share in Q4 2023. Full-year earnings per share were a loss of USD 0.22, an improvement from a loss of USD 0.26 in the previous year.
• Strong Safety Records: The company maintained a strong safety record during the quarter, with zero Lost Time Incidents recorded.
• High Rig Utilization: Two rigs, Paul B. Loyd, Jr, and Blackford Dolphin, operated with an average operational uptime of 96%, performing well for their respective clients.
• Arbitration Outcome: Dolphin Drilling secured a USD 105 million arbitration award against General Hydrocarbons Limited and continues to pursue enforcement action.
• Leadership Change: Jon Oliver Bryce assumed the role of interim CEO, effective February 1, 2025.
In conclusion, Dolphin Drilling’s financial results for the fourth quarter and full year of 2024 reflect positive outcomes, with significant revenue growth, improved EBITDA, and a return to profitability. The company’s commitment to operational excellence, safety, and value creation for shareholders remains paramount.
