Norway: Dolphin Announces Third Quarter Results

Dolphin Group ASA, an asset light supplier of marine geophysical services, announced third quarter 2012 results with revenues of USD 61.2 million, compared to USD 43.0 million in Q3 2011.

Highlights for the quarter are following:

– EBITDA of USD 28.9 million (47,2%), improved from USD 9.1 million in Q3 2011.

– EBIT of USD 16.8 million (27,4%), compared to USD 5.5 million in Q3 2011.

– Net Income before tax of USD 16.4 million, compared with USD 3.9 million in Q3 2011.

– Dolphin successfully entered into and completed the first 3D Multi-Client survey in Norway. The Gulspurv survey in the Barents Sea proved to be strategically and timely well positioned.

– Dolphin seismic processing software was installed on-board the operated vessels and Dolphin won its first large external processing contracts with ONGC and Statoil.

– The first 3D broadband seismic data (SHarp), was successfully acquired, processed, marketed and reviewed by clients. SHarp is presently tendered to clients as a Dolphin contract and Multi-Client product.

Important Q3 subsequent events:

– Successful mobilising and enter into efficient production on the large 3D contracts for Statoil in Tanzania and Shell in South Africa.

– To secure further continued strong growth and meet strategic targets, Dolphin has obtained a NOK 400 million (USD 70.5 million) senior unsecured four year bond financing, swapped into a USD fixed interest rate of 8, 86%.

Atle Jacobsen, Dolphin Group CEO, commented:

“There is strong market demand for Dolphin’s marine seismic services. High operational efficiency and fleet utilisation, improved contract pricing and strong Multi-Client sales from new projects, has generated better than expected third quarter revenues and profit.”

“From day one, Dolphin has emphasised the importance of building a strong internal geophysical and Multi-Client business competence. This strategy works. Today our Multi-Client seismic model is being recognised by an increasing number new global clients and governmental authorities. By successfully initiating a senior unsecured bond loan of NOK 400 million, Dolphin has strengthened its financial capabilities, secured the roll out of future strategy and increased its ability to compete in global markets.”

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Press Release, November 14, 2012