Norway: Dolphin Reports Strong Fourth Quarter Performance

Norway: Dolphin Reports Strong Fourth Quarter Performance

Dolphin Group ASA, a global, full-range, asset light supplier of marine geophysical services announced today fourth quarter and full year 2012 results.

Quarterly highlights – Q4 2012

– Revenues of USD 75.5 million, compared to USD 30.1 million in Q4 2011

– EBITDA of USD 26.5 million (35,1%), improved from USD 4.5 million in Q4 2011

– EBIT of USD 16.3 million (21,6%), compared to USD -0.7 million in Q4 2011

– Net Income of USD 13.9 million, compared with USD -3.0 million in Q4 2011

– Strong contract margins for Q4, driven by high production on Shell and Statoil contracts

– Limited Multi-Client (MCS) sale for the quarter, due to seasonal low MCS investments and limited MCS library for sale

– Successfully raised NOK 400 million (USD 70.5 million) senior unsecured bond loan to support Dolphin growth strategy within Multi-Client and seismic processing

2012 highlights

– Revenues of USD 221.3 million, compared to 97.6 million in 2011 · EBITDA of USD 81.0 million (36,6%), compared to USD 13.6 million in 2011

– EBIT of USD 40.6 million (18,4%), compared to USD 3.0 million in 2011

– Net Income of USD 32.7 million, compared with USD -0.9 in 2011

– Diluted earnings per share (EPS) of 0.11 cent for 2012, compared with 0.00 in 2011

Q4 subsequent events

– Dolphin entered into new charter agreements for delivery of two new vessels o The Geo Atlantic will be rebuilt by its owner to a 14 streamer high-capacity vessel and chartered for three and half year, expected to be delivered in January 2014 o The newbuild, Super Duke, with a 22 streamer capacity, will be chartered for five years and is expected to be delivered in March 2015

– To support Dolphin’s chartered vessel capacity growth, an additional equity of USD 41 million was raised in February 2013

Atle Jacobsen, Dolphin Group CEO, commented: “Dolphin continues to deliver value in a growing market, through a strong fourth quarter performance, reflecting high operational efficiency and improved seismic market fundamentals.

In line with Dolphin’s strategy of focusing on the high end of the business segment we have secured two additional high-end vessels at competitive cost levels. The two new vessels add to our ability to operate efficiently and safely in both mature hydrocarbon basins and frontier exploration provinces. Based on our positive view of the seismic market, we believe the new charter agreements will create significant value to our shareholders”.

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Press Release, February 26, 2013