Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — Q2 2026 Earnings Presentation
22 slides from Dolphin Drilling As's earnings presentation, Aug 28, 2026
Slide 1: Q2 2026 Presentation
Q2 2026 Presentation 19th August 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. Key Company Highlights and Financial Update 2. Dolphin Drilling Rig Fleet 3. Drilling Market Supply/Demand 4. Summary
Slide 4: Key Company Highlights and Financial Update
Key Company Highlights and Financial Update
Slide 5: Delivering on Our Commitments
DELIVERING ON OUR COMMITMENTS @ STRONG SAFETY RECORD @ STRONG OPERATIONAL © FIRM BACKLOG SECURED © EARNINGS VISIBIILTY PERFORMANCE STRENGTHENED LACKFORD DOLPHIN eran mn z —+ 2030 1000 9 %o $557 KEY RIGS DAYS one i MILLION eeiio | 8 2031 &K PLUS $446 MILLION THROUGH TO WITH FIVE-YEAR OF PRICED OPTION
Slide 6: Income Statement – Key Notes
Income Statement – Key Notes REVENUES DOLPHIN DRILLING AS Q2 Q2 1H 1H *FY Income Statement ($ in millions) 2026 2025 2026 2025 2025 Paul B. Loyd Jr at 99.8% uptime (and 96% earning efficiency), and Blackford at 90.2% and 89.8% respectively Charter Revenue 34.4 35.8 68.7 70.0 130.8 Other Revenue 10.5
Slide 7: Balance Sheet – Key Notes
Balance Sheet – Key Notes Cash 30 June 30 June *31 Dec Significantly strengthened by the equity raise completed in May. Balance Sheet ($ in millions) USD 4.1m of the total Cash is restricted 2026 2025 2025 Non-current assets Cash 55.1 21.8 30.5 Accounts Receivable 24.4 16.2 23.4 Book values for Paul
Slide 8: Dolphin Drilling Fleet Contracted to 2030/2031
Dolphin Drilling Fleet Contracted to 2030/2031 New awards provide for stable cash flows for the next 5 years Revenue backlog, firm and options Rig EBITDA backlog, firm and options 140,0 70,0 120,0 60,0 Estimated Rig EBITDA backlog in $ millions Revenue backlog in $ millions 100,0 50,0 80,0 40,0 60,0
Slide 9: Dolphin Drilling Rig Fleet
Dolphin Drilling Rig Fleet
Slide 10: Paul B. Loyd Jr.
Paul B. Loyd Jr. Contracted to September 2030 ▪ Firm Revenue Backlog: USD 247 million ▪ Options thereafter for 2yrs or 5yrs subject to SPS contribution (added to dayrate) ▪ SPS completed September 2025, limited investment planned for during the next 4 years ▪ Operating offshore UK with Harbour Energ
Slide 11: Borgland Dolphin
Borgland Dolphin Contracted to November 2031 ▪ Firm revenue backlog: USD 291 million ▪ Options estimated at USD 287 million until October 2036 ▪ The rig is expected to complete its class renewal by November 2026, and the remaining SPS capex budget is USD 12 million ▪ The rig is scheduled to operate
Slide 12: Borgland Dolphin - Special Periodic Survey
Borgland Dolphin - Special Periodic Survey Target Progress 100 Borgland SPS 2026 JUL AUG SEP OCT NOV Execution and Progress 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 PROJECT EXECUTION TRANSIT ON CONTRACT 90 1. Rig General 2. Hull and Structure 80 3. Drilling Equipment 4. Plat
Slide 13: Blackford Dolphin
Blackford Dolphin On contract in India ▪ Blackford Dolphin continues its 3-well exploration campaign for Oil India Ltd, Andaman Sea, India ▪ We are in active dialogue on live rig tenders as well as new prospects seeking follow-up work ▪ Blackford Dolphin next required class renewal due in April 2027
Slide 14: Rig Fleet – Contract Status
Rig Fleet – Contract Status Firm revenue contract backlog1 at USD 557million + USD 446 million options 14
Slide 15: Drilling Market Supply/Demand
Drilling Market Supply/Demand
Slide 16: Three Market Factors Support a Positive Outlook
Three Market Factors Support a Positive Outlook Structural demand support for moored semis in mature basins Energy Security UK P&A Wave Marketed Standard Moored Semis USD 3.4tn → 3.8tn ~264 wells ≈ 25 rig years ~140 → <15 rigs Rystad Energy sees UKCS Global energy investment rising decommissioning s
Slide 17: Moored Semi Supply Has Contracted Materially
Moored Semi Supply Has Contracted Materially Marketed capacity has declined across most mature offshore regions Standard moored semis by region – 2010 vs. today Norway UK 14 → 0 12 → 5 US GoM China Spain 12 → 0 4→5 0→1 Mexico Brazil SE Asia 2→0 26 → 1 West Africa 7→2 Aus/NZ 10 → 0 9→0 Powered by Bin
Slide 18: Summary
Summary
Slide 19: This is Dolphin Drilling
This is Dolphin Drilling Offshore drilling platform with established market presence and highly compelling market outlook A B C Reputable Firm revenue Tight rig operational drilling streams from supply/demand platform existing rigs balance Drilling licenses in all key All 3 rigs contracted Limited s
Slide 20: Summary
Summary Delivering on our commitments, high safety records, and steady and good overall operation, Stabilized the company with long-term earnings visibility Improved financial flexibility, pursuing fleet growth opportunities 20
Slide 21: Shareholder Structure
Shareholder Structure 39% 61% Svelland Capital ~1400 shareholders 21
Slide 22: Trust • Excellence • Accountability • Momentum
Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320 TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM