Norway: Dolphin Releases First Quarter 2013 Results

Dolphin Group ASA, a global, full-range, asset light supplier of marine geophysical services announces results for first quarter 2013.

Quarterly highlights – Q1 2013

– Revenues of USD 69.1 million, compared to USD 34.6 million in Q1 2012

– EBITDA of USD 22.9 million (33,1%) , improved from USD 2.6 million in Q1 2012

– EBIT of USD 13.8 million (20,0%), compared to negative USD 3.1 million in Q1 2012

– Net Income before tax of USD 10.6 million, compared to negative USD 1.4 million in Q1 2012

– Dolphin fleet were primarily allocated to exclusive contract work worth USD 60 million and with limited Multi-Client (MCS) investments of USD 4.8 million for the quarter

– Strong margin contribution from the high capacity 3D vessels Polar Duke and Polar Duchess, though less contribution from the lower capacity vessels

– Encouraging organic growth in Dolphin processing, external contract revenues of USD 1.9 million for Q1 confirming market acceptance.

Q1 2013 subsequent events

– Dolphin increase Loan Facility to USD 73 million to accommodate purchase of equipment for “Geo Atlantic”, to be delivered in January 2014

– Seismic vessel capacity expansion on track, the high capacity 3D vessel, M/V Sanco Swift, is scheduled for delivery in July 2013

Atle Jacobsen, Dolphin Group CEO, commented:

“Dolphin continues to deliver solid earnings from a fleet, which is soon to be doubled in size.

We experience improved market conditions ahead and Dolphin becomes an even more attractive service provider as major clients experience our efficient operations with modern high capacity vessels.

We see effective day-rates continue to increase, however for our clients, Dolphin vessels provide more seismic volume data for less money, which enable clients to better assess their overall exploration and production risks”.

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Press Release, May 28, 2013