Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — Q3 2024 Earnings Presentation
20 slides from Dolphin Drilling As's earnings presentation, Nov 27, 2024
Slide 1: Q3 2024 presentation
Q3 2024 presentation 27 November 2024
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 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 4: Overview and Highlights Q3 2024
Overview and Highlights Q3 2024 Q3 Metrics Q3 Items, Key Information and Subsequent Events Within Quarter Revenues1 Adj. EBITDA2 EPS • Continued strong operational performance by Paul B. Loyd, Jr. $16.5m $(20.7)m $(0.1) • Blackford Dolphin in transit to India during the quarter • Borgland Dolphin re
Slide 5: Key Financials Q3 2024
Key Financials Q3 2024 Key notes Q3 2024 EBITDA walk from Q2 to Q3 2024 Total Revenues $16.5 . EBITDA ($22.1) Net Profit ($30.2) Total cash $37.6 . Non-restricted cash $32.0 Total assets $212.0 Total interest-bearing debt $80.0 Total equity $85.1 Key notes . . REVENUES based on one rig (Paul B. Loyd
Slide 6: Q4 2024 Cash Balance Guidance
Q4 2024 Cash Balance Guidance Key notes Commentary Cash balance walk from Q3 to Q4 2024 Paul B Loyd Jr includes maintenance capex cost of $2.3m as we prepare for 2025 class renewal, plus slight increase in daily opex. Blackford mobilization fee expected to be collected in December 2024, significant
Slide 7: Agenda
Agenda 1 Q3 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 8: Dolphin Drilling At a Glance
Dolphin Drilling At a Glance Own and operates moored semi-submersible rigs Borgland Dolphin Blackford Dolphin Paul B. Loyd, Jr. 5th gen topside Enhanced Aker H-3 6th gen topside Enhanced Aker H-3 Aker H-4.2 Total rebuild in 1999 Total rebuild in 2008 Built in 1990 Harsh Environment Harsh Environment
Slide 9: Paul B. Loyd Jr. – Excellent Operational Performance
Paul B. Loyd Jr. – Excellent Operational Performance Zero incidents and high uptime Q3 safety records and operational uptime ▪ Zero lost time incidents ▪ 96% operational uptime ▪ Rig operating costs marginally increased during the quarter ▪ Firm contract with Harbour Energy until February 2028 plus
Slide 10: Blackford Dolphin – Commenced Contract in India
Blackford Dolphin – Commenced Contract in India - Commenced contract on 11 November • Three exploration well drilling campaign • Client option for an additional 1 well • Mobilization and transit to India conducted in In Transit Crew Change in Mauritius safe manner • 100% uptime since contract commen
Slide 11: Borgland Dolphin – Marketed for Work
Borgland Dolphin – Marketed for Work ▪ Ongoing rig tenders in multiple offshore basins ▪ Earliest start-up from Q3 2025 ▪ Disciplined bidding strategy ▪ Class renewal paused pending contract award ▪ Status on Class renewal ▪ Total project scope approx. 2/3rds complete ▪ Hull & structure complete ▪ E
Slide 12: Dolphin Drilling – Rig Fleet Contract Status
Dolphin Drilling – Rig Fleet Contract Status Firm revenue contract backlog at USD 371 million + options Fleet Status as of 27 November, 2024 »»» 12
Slide 13: Agenda
Agenda 1 Q3 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 14: Moored Semisubmersible Rigs – Tight Supply Balance
Moored Semisubmersible Rigs – Tight Supply Balance Activity Dolphin Drilling Focus on the moored semi-submersibles rigs an ai a ao ra il Paul . oyd, r. Land rig Jackup Moored semi- DP semi- Drillship cean Patriot submersibles submersibles lackford Dolphin ndia cean ndeavor cean Apex Aus alaris S Aus
Slide 15: Semisubmersible Moored Rigs, Demand
Semisubmersible Moored Rigs, Demand Demand growth in each region ther S Go ra il exico ndia S Asia Australia orth Sea (excl. orway) orway e e e e Source: Rystad Energy, Arctic Securities, November 2024 15
Slide 16: Semisubmersible Moored Rigs, Positive Rate Development
Semisubmersible Moored Rigs, Positive Rate Development After a long period with soft rates trendline indicate $250-300k for the segment 500 01.01.2001 28.09.2003 24.06.2006 20.03.2009 15.12.2011 10.09.2014 06.06.2017 02.03.2020 27.11.2022 500 450 450 400 400 350 350 300 300 USDk/day USDk/day 250 250
Slide 17: Agenda
Agenda 1 Q3 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 18: Summary
Summary 1 Leading operator of moored semi-submersibles with an extensive track record 2 Two rigs on contract from November – stabilizing company’s operating cash flows 3 Firm revenue backlog of $371m plus $399m in options 18
Slide 19: Q&A
Q&A
Slide 20: Oslo – DDRIL.OL
Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320