Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — Q4 2025 Earnings Presentation
19 slides from Dolphin Drilling As's earnings presentation, Feb 27, 2026
Slide 1: Q4 2025 Presentation
Q4 2025 Presentation 27th February 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. Q4 2025 Key Financials and Updates 2. Dolphin Drilling Rig Fleet 3. Drilling Market Supply/Demand 4. Summary
Slide 4: 1. Q4 2025 Key Financials
AGENDA 1.Q4 2025 Key Financials
Slide 5: Q4 2025 Highlights
Q4 2025 Highlights Q4 EBITDA of USD 8.2 million 2 rigs on contract for the full period Realized cost improvement across the organisation NOK 151 million equity raise Announced new CEO 5
Slide 6: Key Financials Q4 2025
Key Financials Q4 2025 REVENUES Paul B Loyd Jr and Blackford on charter for the full quarter, although extensive periods of waiting on weather resulted in 89% earning efficiency for Paul B. Loyd, Jr. Blackford Income Statement Q4 2025 Q3 2025 ($ in millions) continued at 90% Charter Revenue 35.1 25.
Slide 7: EBITDA walk Q3 – Q4 2025
EBITDA walk Q3 – Q4 2025 Key notes ▪ Paul B. Loyd Jr. working full quarter versus out for 62 days in Q3, representing a quarterly increase of USD 9.9 million in charter revenues ▪ Paul B. Loyd Jr. reduced rig opex of USD 1.6 million ▪ USD 10 million customer rig survey contribution spread out over r
Slide 8: Balance Sheet – Key Notes
Balance Sheet FY 2025 FY 2024 Balance Sheet – Key Notes ($ in Millions) Current Assets Dec -25 Dec -24 Unrestricted Cash & Cash Equivalents 26.4 29.0 Restricted Cash 4.1 5.4 Cash position boosted by recent equity raise, as required to cover for a period of one rig in operation combined with higher r
Slide 9: 2. Dolphin Drilling Rig Fleet
AGENDA 2. Dolphin Drilling Rig Fleet
Slide 10: Dolphin Drilling at a Glance
Dolphin Drilling at a Glance Blackford - On Contract Operating moored semi - Enhanced Aker H -3, 6th gen topside Rebuild in 2008 submersibles with a strong revenue DW Harsh Environment: UK & International Contracted to Oil India (India) until May 2026 backlog The sole moored semisubmersible rig curr
Slide 11: Rig Fleet – Contract Status
Rig Fleet – Contract Status Firm revenue contract backlog 1 at USD 216 million + USD 353 million options. 1) Revenue backlog as of last reporting date (27 February 2026) 11
Slide 12: 3. Drilling Market Supply/Demand
AGENDA 3. Drilling Market Supply/Demand
Slide 13: UK Semisubmersible Market Overview
UK Semisubmersible Market Overview Highly consolidated UK market creating a strong market backdrop for Dolphin Drilling Only five rigs stationed in UK with almost… … 20 rig years of potential work to 2030 Min. duration No. rigs 100% Not under contract Contracted Utilization (days) 24 1,200 90% 22 1,
Slide 14: Int'l & UK Conventionally Moored Rig Market
Int’l & UK Conventionally Moored Rig Market ig ptions UK p ption ption 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. 14
Slide 15: 4. Summary
fr DOLPHIN DRILLING
Slide 16: Summary
Summary USD 100M New Revenue Backlog Secured in Q4 2025 All rigs secured contracts Improved Market Outlook $ Attractive platform for strategic growth 16 16
Slide 17: Shareholder Structure
Shareholder Structure 56% 44% Svelland Capital ~1600 shareholders 17
Slide 18: Our Key Focus Areas Moving Into 2026
Our Key Focus Areas Moving Into 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 effic
Slide 19: Trust • Excellence • Accountability • Momentum
Oslo – DDRIL.OL Investor Relations contact:ingolf.gillesdal@dolphindrilling.com, +4792045320 TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM