29 May Dolphin Drilling Results for the First Quarter 2026
London, (Oilandgaspress) Dolphin Drilling AS announced today its preliminary financial results for the three months ended 31 March 2026.
Q1 2026 Financial Performance and Subsequent Events
• Revenues of USD 44.7 million, broadly stable versus USD 47.0 million in Q4 2025, reflecting consistent contract execution and high operational uptime across the fleet
• Adjusted EBITDA of USD 8.6 million, up sequentially from USD 8.2 million in Q4 2025 and significantly higher year on year, demonstrating continued operational leverage and disciplined cost control
• Earnings trajectory improving, with year on year reduction in net loss despite higher financing and non cash items
Operational Performance
• Paul B. Loyd, Jr. delivered 99.3% uptime (Q4 2025: 98.9%)
• Blackford Dolphin achieved 92.0% utilisation, improving from 90.9% in Q4 2025
• Strong and improving utilisation supports earnings quality and cash flow visibility
Balance Sheet and Liquidity
• USD 62.5 million equity raise completed post quarter, materially strengthening liquidity and financial flexibility
• Debt maturities extended to March 2028 (subject to certain conditions), with scheduled 2026 amortisation deferred, improving near term cash flow profile
Backlog and Market Visibility
• USD 362 million firm backlog plus USD 818 million in Letter of Intents and options, providing long term earnings visibility and significant upside:
o Paul B. Loyd, Jr. secured firm contract to September 2030, with multi year priced options thereafter
o Blackford Dolphin contract extended in India through July 2026
o Borgland Dolphin awarded Letter of Intent for a potential 4.2 yrs + options for another 5 years
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