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.
