Dolphin Reports Increased Financial Results (Norway)

Dolphin Group ASA, a global full-range, asset light supplier of marine geophysical services which operates a fleet of new generation, high capacity seismic vessels and offers contract seismic surveys, Multi-Client projects and processing services on a worldwide basis, announced its second quarter and half year 2013 results.

The Company highlights the following:

– Revenues of USD 68.4 million, compared to USD 50.0 million in Q2 2012

– EBITDA of USD 23.3 million (34,1%), compared to USD 23.0 million in Q2 2012

– EBIT of USD 13.7 million (20,1%), compared to USD 10.6 million in Q2 2012

– Net Income before tax of USD 10.5 million, compared to USD 9.5 million in Q2 2012

– Improved working capital by USD 33 million

– Entire fleet was re-located to the North Sea and has successfully completed several complex 4D seismic surveys over the following producing fields; Gullfaks, Troll, Grane and the Greater York fields

– Entering the 4D production seismic market is strategically important for Dolphin, though high simultaneous field operations outside of Dolphin’s control had a negative margin impact for the quarter

Atle Jacobsen, Dolphin Group CEO, commented:

“Dolphin’s current fleet of four vessels delivered revenues of USD 68 million, a respective operating margin of 20% and a pre-tax profit of USD 10.5 million for the second quarter of 2013. Our actual and pre-announced quarterly numbers were below expectations primarily due to field specific simultaneous operations on the producing fields where Dolphin acquired seismic.”

“The successful completion of complex 4D seismic surveys over the producing fields, Gullfaks, Troll, Grane and Greater York fields, has secured Dolphin a valuable track record with large clients for these types of strategically important production seismic contracts.”

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Press Release, August 21, 2013