Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — Q3 2025 Earnings Presentation
18 slides from Dolphin Drilling As's earnings presentation, Nov 28, 2025
Slide 1: Q3 2025 Presentation
Q3 2025 PRESENTATION 28 November 2025 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. Q3 2025 Key Financials and Updates 2. Dolphin Rig Fleet 3. Drilling Market Supply/Demand 4. Summary
Slide 4: 1. Q3 2025 Key Financials
AGENDA 1.Q3 2025 Key Financials
Slide 5: Highlights
Highlights Q3 EBITDA loss of USD 4.7million (heavily impacted planned rig survey project) High focus on cost control achieving OPEX & G&A reductions Booked USD 100 million in new revenue backlog Increased total to USD 264 million* New contract sees reactivation of Borgland PBLJ completed rig survey,
Slide 6: Financial Highlights
Financial Highlights Q3 2025 Q3 Items ▪ Lower revenues impacted by PBLJ being out 37.7 for planned rig survey ▪ PBLJ – 95% rig earning efficiency -4.7 ▪ Blackford – 93% earning efficiency ▪ Borgland contract award – USD 60 million backlog -18.2 ▪ Achieved lower cost -1.0 Subsequent Events ▪ Agreed p
Slide 7: Key Financials Q3 2025
Key Financials Q3 2025 REVENUES PBLJ and Blackford improved earning efficiency q-o-q. PBLJ Income Statement Q3 2025 Q2 2025 contracted for 32 days with the remaining days spent at the ($ in millions) yard completing the scheduled rig survey. Other services Charter Revenue 25.7 35.8 relate to reimbur
Slide 8: Balance Sheet – Key Notes
Balance Sheet Q3 2025 FY 2024 Balance Sheet – Key Notes ($ in Millions) Current Assets Sep-25 Dec-24 Unrestricted Cash & Cash Equivalents 28.9 29.0 Restricted Cash 4.0 5.4 Cash position remained stable in the quarter mainly driven by a combination of refinancing items including new debt and equity,
Slide 9: 2. Dolphin Rig Fleet
AGENDA 2. Dolphin Rig Fleet
Slide 10: Dolphin Drilling at a Glance
Dolphin Drilling at a Glance 10
Slide 11: Rig Fleet – Contract Status
Rig Fleet – Contract Status Firm revenue contract backlog1 at USD 264 million + USD 353 million options. 1) Revenue backlog as of reporting date 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 available 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
Slide 14: Int'l & UK Conventionally Moored Rig Market
Int’l &UK Conventionally Moored Rig Market Current contract situation by rig ig ptions UK p ption ption ption Bra il ndia Bra il International Australia Australia Spain ption ovember 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 4. Summary
Slide 16: Summary
Summary Increase in contract backlog Reduction in uncertainties Continued main shareholder support $ Attractive platform for strategic growth 16
Slide 17: Shareholder Structure
Shareholder Structure1 58% 42% Svelland Capital (UK) ~1300 shareholders 1) Post planned Extra Ordinary Meeting scheduled for 1 December 2026 17
Slide 18: Investor Relations contact
Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320 TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM