Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — Q2 2024 Earnings Presentation
21 slides from Dolphin Drilling As's earnings presentation, Aug 28, 2024
Slide 1: Q2 2024 presentation
Q2 2024 presentation 28 August 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 Q2 2024 Key Financials and Events 2 Dolphin Rig Fleet 3 Drilling Market Supply/Demand 4 Summary
Slide 4: Overview and Highlights Q2 2024
Overview and Highlights Q2 2024 Q2 Metrics Q2 Items, Key Information and Subsequent Events Within Quarter • Solid performance by Paul B. Loyd Jr., Zero Lost Time Incidents recorded in the quarter and 99.5% operating efficiency Revenues1 Adj. EBITDA2 EPS • Borgland relocated to Las Palmas ahead of co
Slide 5: Key Financials Q2 2024
Key Financials Q2 2024 Quarterly Firm Revenue Backlog Development Key notes Q2 2024 500 Total Revenues $16.4 450 EBITDA ($6.3) 400 In USD million 350 Net Profit ($14.1) 300 Total cash $54.5 250 465 431 Non-restricted cash $26.3 200 422 378 150 326 Total assets $228.9 100 Total interest-bearing debt
Slide 6: Contract backlog provides improved cash flows
Contract backlog provides improved cash flows Re-contracting in an anticipated attractive offshore floater rig supply/demand market in 2025 Fleet contract coverage Estimated revenue backlog1 Estimated rig EBITDA backlog1,2 100 % 250 120 Contract type / availability in % (3 rigs) Rig EBITDA (est.) ba
Slide 7: Agenda
Agenda 1 Q2 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 Leading operator of moored semi-submersibles with a revenue backlog of $0.8bn1 (incl. options) Delivering on strategy Potential for commercial and operational management of 3rd • 3 rigs contracted with a total firm revenue backlog of $431m and $399m in options, with an p
Slide 9: Moored Rig Fleet – all Contracted
Moored Rig Fleet – all Contracted Versatile fleet enabling operational excellence across all regions Borgland Dolphin Blackford Dolphin Paul B. Loyd Jr. Enhanced Aker H-3 Enhanced Aker H-3 Aker H-4.2 Rebuild year 1997-1999 2006-2008 1990 Operating water depth 210 - 1,500 ft 210 - 6,000 ft 210 – 1,96
Slide 10: Paul B. Loyd Jr. – Excellent Operational Performance
Paul B. Loyd Jr. – Excellent Operational Performance Paul B. Loyd, Jr. acquired by Dolphin Drilling on February 16 2024 Q2 safety records and operational uptime • Successful handover to Dolphin • Zero lost time incidents • 99.5% operational uptime • Rig operating costs in line with expectations Firm
Slide 11: Borgland Dolphin Special Periodic Survey Underway
Borgland Dolphin Special Periodic Survey Underway Proven SPS Project Team • Delivered Blackford SPS On Budget in 2023 • Borgland SPS planned 1 year in advance • Borgland Long Lead Items Secured • Rig on location at Shipyard in Las Palmas Dolphin Utilises a Proven Shipyard Solution • Favourable Clima
Slide 12: Blackford Dolphin En Route to India
Blackford Dolphin En Route to India Operational Status Blackford en route to India Rig left Nigerian waters July 1st • Transit to Namibia for crew change and various ordinary maintenance works • Additional costs incurred to exit (typical client cost) • Increased tow vessel market rates plus weather
Slide 13: Dolphin Drilling – Rig Fleet Contract Status
Dolphin Drilling – Rig Fleet Contract Status All 3 rigs secured contracts Fleet Status as of February 28, 2024 Firm revenue contract backlog at USD 431 million + options »»» 13
Slide 14: Agenda
Agenda 1 Q2 2024 key financials and events 2 Dolphin rig fleet 3 Drilling market supply/demand 4 Summary
Slide 15: Overall Tight Global Floater Rig Market
Overall Tight Global Floater Rig Market Drilling rig contractors disciplined approach reveal a tight supply of competitive rigs Total drillship/semisubmersible rig fleet and utilization Moored semisubmersible fleet and utilization 350 100% 350 100% Total Supply Marketed Supply Total Supply Marketed
Slide 16: Moored Int'l Semi-submersible Rig Fleet Reduced to 11 Rigs
Moored Int’l Semi-submersible Rig Fleet Reduced to 11 Rigs1 Few competitive rigs offered across most offshore basins; Dolphin Drilling the main providers of moored rigs Dolphin 3 Int’l moored fleet Diamond 3 11 Valaris 1 14 Constellation 1 Japan 1 Essar 1 4 China/Caspian 2 Cold stacked P&A COSL 1 So
Slide 17: UK Semisub Fleet – Reduced to a Small Fleet Servicing P&A
UK Semisub Fleet – Reduced to a Small Fleet Servicing P&A Recent changes in fiscal regimes have impact on future drilling activity UK semi rig count has declined >50% since 2016 Dolphin well-positioned for upcoming tenders No. of rigs Contracted Under contract Total supply 2024 2025 2026 32 Rig name
Slide 18: Agenda
Agenda 1 Q2 2024 key financials and events 2 Dolphin rig fleet 3 Drilling market supply/demand 4 Summary
Slide 19: Summary
Summary 1 Leading operator of moored semi-submersibles with an extensive track record 2 Dolphin Drilling maintains operating licenses in all relevant offshore basins 3 Firm revenue backlog of $431m plus $399m in options 19
Slide 20: Q&A
Q&A
Slide 21: Oslo – DDRIL.OL
Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320