Dolphin Drilling has announced its preliminary financial results for the first half (H1) of 2025.
Q2 2025, H1 and Subsequent Events
- Revenue Growth: Revenues of USD 47.4 million for the second quarter, compared to USD 19.9 million in Q2 2024. H1 revenues were USD 93.0 million, up from USD 30.0 million reported for H1 2024
- EBITDA Improvement: EBITDA of USD 5.5 million for the second quarter, a significant improvement from an EBITDA loss of USD 6.3 million in Q2 2024. For the half year, EBITDA was USD 10.4 million compared to a loss of USD 23.2 million in 2024
- Net Earnings: The company reported a net Loss of USD 26.2 million or USD 0.09 per share in the second quarter primarily of 2025, due to recording a tax loss of USD 19.2 million, compared to a loss of USD 14.1 million or USD 0.06 per share in Q2 2024. H1 year earnings per share were a loss of USD 0.12, in comparison to a loss of USD 0.11 in the previous year.
- Rig Utilization: Paul B. Loyd, Jr (“PBLJ”) and Blackford Dolphin both on contract for the full quarter, PBLJ at an average uptime of 96.8% and Blackford Dolphin at 89.8%. Utilization for the first half of 2025 was 97.6% and 86.3% respectively.
- Leadership Change: During H1, Jon Oliver Bryce was appointed CEO, Ingolf Gillesdal appointed CFO; and Ronny Bjornådal appointed as Chairman.
- Major long-term investors: Svelland Capital became the company’s largest shareholder group, controlling funds accounting for 49% of shareholding.
- Financing update: A group refinancing was completed in July 2025, including an Equity raise of USD 29 million, a new secured bond of USD 21.5 million, upsize loan of USD 7.2 million as well as certain amendment to terms and debt repayments related to the existing USD 65 million loan facility, and repayment of a USD 15 million shareholder loan.
- In June 2025, the UK Supreme Court handed down a ruling in favour of HMRC regarding the legacy tax case. The value of the tax claim is GBP 9.9 million, plus interest and costs. The tax and interest liability has been recorded in the reported results. The company is in discussion with HMRC in relation to the final settlement of this liability
- In late July 2025 the PBLJ commenced its tow to the Westcon yard to complete her 5-year Special Periodic Survey.
Source: Dolphin Drilling
