Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — Q4 2024 Earnings Presentation
19 slides from Dolphin Drilling As's earnings presentation, Feb 25, 2025
Slide 1: Q4 2024 presentation
Q4 2024 presentation 25 February 2025
Slide 2: Important Information
Important Information This presentation, any appendices and any additional information supplied with it or subsequently communicated to any person in connection therewith (the “Presentation”) has been prepared by Dolphin Drilling AS (the “Company”) and its subsidiaries (together with the Company, th
Slide 3: Agenda
Agenda 1 Q4 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 4: Overview and Highlights Q4 2024
Overview and Highlights Q4 2024 Q4 Metrics Q4 Items, Key Information and Subsequent Events Q4 Items Revenues EBITDA EPS1 • No Lost Time Incidents in the quarter $50.0m $11.0m $0.01 • Continued strong operational performance by Paul B. Loyd, Jr. • Blackford Dolphin commenced contract with Oil India •
Slide 5: Key Financials Q4 2024
Key Financials Q4 2024 Key notes Q4 2024 EBITDA walk from Q3 to Q4 2024 SD mill Total Revenues $50.0 EBITDA $11.0 Net Profit $1.5 Total cash $34.4 Non-restricted cash $29.0 Total assets $236.4 Total interest-bearing debt $80.0 Total equity $82.8 Key notes REVENUES based on Paul B. Loyd Jr (96% up-ti
Slide 6: Agenda
Agenda 1 Q4 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 7: Dolphin Drilling At a Glance
Dolphin Drilling At a Glance Operating moored semi-submersibles with a strong revenue backlog Paul B. Loyd, Jr. Blackford Dolphin Borgland Dolphin Growth Opportunities - Management Opportunities Harsh Environment Harsh Environment Harsh Environment UK + International UK + International Worldwide On
Slide 8: 2024 Key Company Milestones
2024 Key Company Milestones ▪ Onboarded 220 new employees ▪ Solid safety statistics and no lost time incidents ▪ Acquired Paul B. Loyd Jr and continued strong operational track record ▪ Nigeria exit and arbitration case won ▪ Blackford commenced drilling for Oil India ▪ 2 strong rig revenue streams
Slide 9: Blackford Dolphin – Commenced Contract in India
Blackford Dolphin – Commenced Contract in India ▪ Blackford Dolphin on contract with Oil India Ltd from 11 November ▪ Firm drilling campaign, three exploration wells ▪ Client option for an additional 1 well ▪ Mobilization and transit to India conducted in safe manner ▪ Good prospects of securing fol
Slide 10: Paul B. Loyd Jr. – Excellent Operational Performance
Paul B. Loyd Jr. – Excellent Operational Performance ▪ Zero lost time incidents ▪ 96% operational uptime in the quarter ▪ Planning for class renewal due Q3 2025, capex budget at USD 30million including yard cost and mobilization ▪ Firm contract with Harbour Energy until February 2028 plus 5 x 1-year
Slide 11: Borgland Dolphin – Marketed for Work
Borgland Dolphin – Marketed for Work ▪ Ongoing rig tenders in multiple offshore basins ▪ Disciplined bidding strategy ▪ Class renewal paused pending contract award ▪ Status on Class renewal ➢ Total project scope approx. 2/3rds complete ▪ Hull & structure complete ▪ Equipment will be preserved to ens
Slide 12: Dolphin Drilling – Rig Fleet Contract Status
Dolphin Drilling – Rig Fleet Contract Status Firm revenue contract backlog at USD 340 million1 + USD 409 million options Fleet Status »»» 1 Fleet status as of 31 December 2024 12
Slide 13: Agenda
Agenda 1 Q4 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 14: Moored Semisubmersible 'Drilling' Rigs
Moored Semisubmersible ‘Drilling’ Rigs Dolphin Drilling Focus on the moored semi-submersibles rigs ig oble rio Moored semi- DP semi- Land rig Jackup submersibles submersibles Drillship ul o d r n i o l ord Dol in l ni S r e n e e n nde our Water depth: 65m – 1,800m l ris MS ▪ Dolphin Drilling rig fl
Slide 15: Semisubmersible Moored Rigs, Demand
Semisubmersible Moored Rigs, Demand Forecast Demand growth in each region (rig years) ther S Go razil exico India S Asia Australia orth Sea (excl. orway) orway e e e e e Source: Rystad Energy, Arctic Securities, February 2025 15
Slide 16: Agenda
Agenda 1 Q4 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 17: Summary
Summary Two rigs on contract from November – stabilizing operating cash flows Underlying market fundamentals of low available supply & an increasing demand Firm revenue backlog of USD 340 m plus USD 409 m in options $ High focus on operational uptime and cost control 17
Slide 18: Q&A
Q&A
Slide 19: Oslo – DDRIL.OL
Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320