Dolphin Drilling As (DDRLF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and welcome to our second quarter earnings call. My name is Michael Boyd and I'm the CEO of Dolphin Drilling. I am joined today by Ingolf Gillestahl, our Chief Financial Officer. For today's agenda, I will open with the quarter's highlights. Ingolf will take us through the financial results in detail before I return to cover the fleet, a market overview and our outlook. Thereafter, at the end of the presentation, we'll open up for Q&A. The headline for Q2 is that we have made significant progress in repositioning Dolphin Drilling as a platform for growth. Two multi-year contract awards signed in the quarter have taken this business from a series of short campaigns to visible, contracted earnings extending into 2030 and 2031, and that the equity raise that we completed in May has given us a balance sheet and the financial flexibility that can support it. Before we begin though, a brief word on the disclaimer. This presentation contains forward-looking statements regarding contract awards, backlog conversion, reactivation timing and market conditions. These reflect our current expectations and are subject to risk and uncertainty, and actual outcomes may differ materially. We would ask you to review the disclaimer in full and to read this presentation together with the quarterly report published this morning. Our agenda this morning has four parts. We'll begin with the key company highlights and the financial update for the second quarter. Secondly, we'll walk through our rig fleet, including the contract status and an update on the Borglund Special Periodic Survey, which represents a significant organisational project for the company over the next few months. Next, we'll discuss the drilling market and how, in our view, Dolphin Drilling's over 60 ...