Dolphin Drilling As · OSL:DDRIL
Dolphin Drilling As — H1 2025 Earnings Presentation
20 slides from Dolphin Drilling As's earnings presentation, Aug 29, 2025
Slide 1: 1H 2025 Presentation
1H 2025 PRESENTATION 29 August 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 Dolphin Rig leet Drilling Market Supply Demand Summary
Slide 4: 1H 2025 - Highlights
1H 2025 - Highlights EBITDA of USD 10.4M (loss of USD 23.2M in 1H 2024) 2 rigs on contract for the full period New senior management, board and main shareholders Refinanced debt and raised new equity Continued focus on operational performance 4
Slide 5: Financial Highlights
Financial Highlights Key Highlights 1H Items ▪ Two rigs contracted for the full period ▪ PBLJ – 97.6% rig utilisation ▪ Blackford – 86.3% rig utilisation ▪ 1 rig actively marketed ▪ Outcome of HMRC tax appeal ▪ Management & board changes Subsequent Events ▪ Continues to seek recovery of sums owed by
Slide 6: Key Financials Q2 2025
Key Financials Q2 2025 REVENUES PBLJ and Blackford earning efficiency at 93% and 92%. Other services relate Income Statement to reimbursement for vessels on hire in India and 2Q 2025 1Q 2025 ($ in millions) sale of equipment for USD 0.7 million Charter Revenue 35.8 34.2 OPERATING EXPENSES PBLJ and B
Slide 7: Balance Sheet June 2025
Balance Sheet 2Q 2025 FY 2024 ($ in Millions) Jun-25 Dec-24 Current Assets Unrestricted Cash & Cash Equivalents 17.8 29.0 Balance Sheet June 2025 Restricted Cash 4.0 5.4 Accounts Receivable 16.2 22.3 Cash position reduced in the quarter mainly driven by a Inventory 25.3 23.7 combination of operating
Slide 8: H1 2025 Cash walk
H1 2025 Cash walk 2025 Unrestricted Cash Walk Rig cashflows PBLJ being the main contributor for the company 60.0 whereas potential for significant higher cash flows from Blackford (combination of periods of downtime and higher cost base). Borgland layup crew maintaining the rig at Las Palmas 50.0 6.
Slide 9: Group Refinancing - Concluded
Group Refinancing - Concluded ▪ Strengthened balance sheet ▪ No debt maturities until Q3 2027 Key Highlights ▪ Equity USD 29 million ▪ Loans USD 28.7 million ‒ New loan USD 21.5 million ‒ Upsize of existing loan USD 7.2 million ▪ Deferred debt amortisation USD 20 million ▪ Loans matures in June and
Slide 10: Agenda
Agenda ey inancials and Events Drilling Market Supply Demand Summary
Slide 11: Dolphin Drilling at a Glance
Dolphin Drilling at a Glance PBLJ - On Contract Operating moored semi- submersibles with a strong Aker H-4.2 revenue backlog. Built in 1990 MW Harsh Environment: UK & International Blackford - On Contract Enhanced Aker H-3, 6th gen topside Rebuild in 2008 DW Harsh Environment: UK & International Gro
Slide 12: Rig Fleet – Operational Status
Rig Fleet – Operational Status Paul B Loyd ▪ 97% operational uptime ▪ Opex at USD 88,000 per day ▪ 5-year class renewal commenced 24 July 2025 Blackford ▪ 90% operational uptime ▪ Opex at USD 155,000 per day ▪ The only moored semisubmersible rig working in India Borgland ▪ Idle ▪ Opex USD 26,000 per
Slide 13: Rig Fleet Contract Status
Rig Fleet Contract Status Firm revenue contract backlog at USD 250 million + USD 409 million options - End of H1 »»»
Slide 14: Agenda
Agenda ey inancials and Events Dolphin Rig leet S Summary
Slide 15: Current contract situation by rig
’ &U Current contract situation by rig Rig U L U Options UK U S S U Op Op OptionU U Option S S S SL Bra il India Option S Bra il S Australia International Australia S S S S S S S S August Please note: there are 15 additional rigs in the China & Caspian areas that are not internationally marketed.
Slide 16: Moored Semisubmersible Rig Addressable Market
Moored Semisubmersible Rig Addressable Market Forecast Demand growth in each region (rig years) Other US GoM Bra il Mexico India SE Asia Australia North Sea excl Norway Norway Source: Rystad Energy, Arctic Securities, August 2025
Slide 17: Agenda
Agenda ey inancials and Events Dolphin Rig leet Drilling Market Supply Demand S
Slide 18: Summary
Summary PBLJ and Blackford contracted – strategically placed in each of UK and International Refinanced debt and raised additional equity High focus on improving operational uptime and reducing cost $ Our operational platform has a significant potential 18
Slide 19: Shareholder Structure
Shareholder Structure 51% 49% ~1300 shareholders Svelland Capital (UK)
Slide 20: Trust • Excellence • Accountability • Momentum
Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320 TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM