Dolphin Achieves Historically High Quarterly Revenues

Dolphin Group ASA, a parent company of Dolphin Geophysical AS, and a global full-range, asset light supplier of marine geophysical services announced revenues of USD 101.0 million, compared to USD 68.4 million in Q2 2013.

Quarterly highlights include:

• EBITDA of USD 30.3 million (30,0%), compared to USD 23.3 million in Q2 2013,
• EBIT of USD 14.2 million (14,1%), compared to USD 13.7 million in Q2 2013,
• Net Income of USD 7.5 million, compared to USD 7.8 million in Q2 2013,
• Dolphin takes delivery of two new high capacity 3D vessels, Sanco Sword and Polar Marquis,
• Sanco Sword started production on a large 3D Multi-Client program in the Barents Sea, created by Dolphin with 89% pre-funding,
• Polar Marquis successfully started production on our first 14 streamer project.

Q2 2014 SUBSEQUENT EVENTS :

• Dolphin was awarded several large exploration contracts, including Nerites phase 2 of 13,000 sq.km in Australia and one 7,000 sq.km project in Africa,
• Increased bank drawing facility by USD 30 million for seismic equipment,
• Dolphin maintains original guidance to exceed USD 400 million in revenues for 2014.

Atle Jacobsen, Dolphin Group CEO, commented:

“The second quarter has been the most eventful quarter in the history of the company, with significant challenges to our entire organisation, both onshore and offshore. Thanks to a solid contribution from all employees, we have successfully launched two new high-capacity vessels into production, continued our regional expansion and, at the same time, have rapidly grown our Processing and Imaging business.

“We have stuck to our longer-term strategy, so it’s very satisfying that we have achieved historically high quarterly revenues of more than USD 100 million. In an increasingly competitive market, our clients are awarding Dolphin large contracts based on our strong operational track record utilising a modern high-end fleet. A record high backlog that exceeds USD 300 million provides a strong foundation for maximising our vessel utilisation for 2014 and the first half of 2015.”

Press Release, August 20, 2014