Dolphin Drilling AS (OSE: DDRIL) announced today its preliminary financial results for the three months ended 31 March 2026.
Q1 2026 Financial Performance and Subsequent Events
- Revenues of USD 44.7 million, broadly stable versus USD 47.0 million in Q4 2025, reflecting consistent contract execution and high operational uptime across the fleet
- Adjusted EBITDA of USD 8.6 million, up sequentially from USD 8.2 million in Q4 2025 and significantly higher year‑on‑year, demonstrating continued operational leverage and disciplined cost control
- Earnings trajectory improving, with year‑on‑year reduction in net loss despite higher financing and non‑cash items
Operational Performance
- Paul B. Loyd, Jr. delivered 99.3% uptime (Q4 2025: 98.9%)
- Blackford Dolphin achieved 92.0% utilisation, improving from 90.9% in Q4 2025
- Strong and improving utilisation supports earnings quality and cash flow visibility
Balance Sheet and Liquidity
- USD 62.5 million equity raise completed post‑quarter, materially strengthening liquidity and financial flexibility
- Debt maturities extended to March 2028 (subject to certain conditions), with scheduled 2026 amortisation deferred, improving near‑term cash flow profile
Backlog and Market Visibility
- USD 362 million firm backlog plus USD 818 million in Letter of Intents and options, providing long‑term earnings visibility and significant upside:
- Paul B. Loyd, Jr. secured firm contract to September 2030, with multi‑year priced options thereafter
- Blackford Dolphin contract extended in India through July 2026
- Borgland Dolphin awarded Letter of Intent for a potential 4.2 yrs + options for another 5 years
The preliminary earnings report and company presentation are enclosed. The results will be presented later today through an audiocast including Q&A starting 11:00 CET. The presentation will be held by CEO Micheal Boyd and CFO Ingolf Gillesdal. Visit the Investor Relations section of the Company's website at www.dolphindrilling.com and click on the link to "Q1 2026 Investor Presentation Audiocast".
For further information, please contact: Ingolf Gillesdal, CFO, tel: +47 920 45 320
Dolphin Drilling | www.dolphindrilling.com
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.