Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — Q1 2026 Earnings Presentation
21 slides from Dolphin Drilling As's earnings presentation, May 29, 2026
Slide 1: Q1 2026 Presentation
Q1 2026 Presentation 29th May 2026 TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM
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. Q1 2026 Key Financials and Updates 2. Dolphin Drilling Rig Fleet 3. Drilling Market Supply/Demand 4. Summary
Slide 4: 1. Q1 2026 Key Financials
AGENDA 1.Q1 2026 Key Financials
Slide 5: Our Key Focus Areas In 2026
Our Key Focus Areas In 2026 Objective: Create a stable, efficient, and investable platform capable of growth Consistently deliver safe, reliable and resilient operations across the fleet Extend contract backlog and address 2026 financing requirement Reduce structural costs and improve efficiency whi
Slide 6: Q1 2026 Highlights and Subsequent Events
Q1 2026 Highlights and Subsequent Events Adjusted EBITDA of USD 8.6 million for Q1 2026, up sequentially from USD 8.2 million in Q4 2025 Signed a new contract for the Paul B Loyd Jr. in the UK to September 2030 Signed Letter of Intent for a new est. 4.5yrs + 5yr option periods for the Borgland Dolph
Slide 7: Key Financials Q1 2026
Key Financials Q1 2026 REVENUES • Total revenue of USD 44.7m, slightly down QoQ, fewer operating days in Q1 Income Statement Q1 2026 Q4 2025 • Paul B. Loyd, Jr 99.3% uptime ($ in millions) • Blackford 92.2% uptime Charter Revenue 34.3 35.1 Total Other Revenue 10.4 11.9 • Underlying activity stable w
Slide 8: Balance Sheet – Key Notes
Balance Sheet – Key Notes Balance Sheet Q1 2026 FY 2025 Cash ($ in Millions) Mar-26 Dec-25 • Total Cash position of USD 22.4m (including restricted cash) Current Assets strengthened post period by a USD 62.5m equity raise Unrestricted Cash & Cash Equivalents 18.3 26.4 Restricted Cash 4.1 4.1 Account
Slide 9: New Awards Provide for Long-Term Stability
New Awards Provide for Long-Term Stability Expect LOIs to be firmed up during Q2 2026 Revenue backlog, firm and LOI/Options EBITDA backlog, firm and LOI/Options 160 70 140 60 Estimated Rig EBITDA backlog in $ millions 120 50 Revenue backlog in $ millions 100 40 80 30 60 20 40 10 20 - - 2026 2027 202
Slide 10: 2. Dolphin Drilling Rig Fleet
AGENDA 2. Dolphin Drilling Rig Fleet
Slide 11: Paul B. Loyd Jr.
Paul B. Loyd Jr. Contracted to September 2030 ▪ Firm Revenue Backlog: USD 262 million ▪ Options thereafter for 5 years totalling USD 296 million ▪ SPS completed September 2025, enabling 4.5 years harvesting with minimal investment ▪ Operating within UKCS with Harbour Energy ▪ Strong operational perf
Slide 12: Borgland Dolphin
Borgland Dolphin Revenue backlog worth USD 305 million (incl LOIs) ▪ Firm revenue backlog: USD 59 million ▪ Options and Letter of Intent totalling USD 246 million until October 2031 (client included priced option until Dec 2036) ▪ Borgland Dolphin on location at shipyard in Las Palmas ▪ SPS capex re
Slide 13: Blackford Dolphin
Blackford Dolphin On contract in India ▪ Firm Revenue Backlog: USD 41 million ▪ Blackford Dolphin drilling on its contract with Oil India Ltd, Andaman Sea, India ▪ Ongoing rig tenders for long term contracts - bidding to fill available gap prior to SPS (April 2027) ▪ Tight rig supply for moored semi
Slide 14: Rig Fleet – Contract Status
Rig Fleet – Contract Status Firm revenue contract backlog1 at USD 362 million + USD 818 million options 1) Revenue backlog as of reporting date 29 May 2026 (total backlog calculated from end of Q1 2026) 14
Slide 15: 3. Drilling Market Supply/Demand
AGENDA 3. Drilling Market Supply/Demand
Slide 16: Offshore Drilling – Market Outlook
Offshore Drilling – Market Outlook “ The offshore drilling market is entering a structurally stronger phase, underpinned by sustained higher oil prices and renewed global focus on energy security and supply reliability. Years of under-investment has materially tightened the offshore rig supply base,
Slide 17: Int'l & UK Conventionally Moored Rig Market
Int’l & UK Conventionally Moored Rig Market ig UK ption ndia Spain ption Bra il Bra il ption International Please note: there are 21 additional rigs in the China & Caspian areas that are not internationally marketed. 17
Slide 18: 4. Summary
DRILLING z a at uted O fal Summary 4
Slide 19: Summary
Summary All 3 rigs extended contracts/Letter of Intent since last financial report $ Substantially improved financial flexibility following USD 62.5 million equity raise Tight rig supply for floaters worldwide Attractive platform for strategic growth 19
Slide 20: Shareholder Structure
Shareholder Structure 37% 63% Svelland Capital ~1400 shareholders including strategic industry investors and large cap institutional funds 20
Slide 21: Trust • Excellence • Accountability • Momentum
Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320 TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM