Dolphin Drilling has announced its preliminary financial results for the fourth quarter and full year ended 31 December 2024.
'I am pleased with the company's performance in the fourth quarter of 2024, which marks a watershed for Dolphin Drilling,' said Jon Oliver Bryce, interim CEO of Dolphin Drilling. 'Our revenue growth, improved EBITDA and return to profitability are positive developments, and are testament to the hard work and dedication of the Dolphin team. As we celebrate our 60-year anniversary in 2025, we are focused on delivering operational excellence to our customers and creating value for our shareholders.'
Q4 2024, Full Year Highlights and Subsequent Events
- Revenue Growth: Dolphin Drilling reported revenues of USD 50.0 million for the fourth quarter, compared to USD 25.8 million in Q4 2023. Full-year revenues reached USD 93.0 million, up from USD 73.5 million in 2023.
- EBITDA Improvement: The company reported an EBITDA of USD 11.0 million for the fourth quarter, a significant improvement from an EBITDA loss of USD 39.1 million in Q4 2023. For the full year, EBITDA was a loss of USD 34.2 million, compared to a loss of USD 49.9 million in 2023.
- Q4 2024 Revenue and EBITDA include the one-off receipt of USD 20.7 million following the termination of the Borgland drilling contract with EnQuest Ltd.
- Net Earnings: Dolphin Drilling achieved a net profit with earnings per share of USD 0.01 in the fourth quarter, compared to a loss of USD 0.10 per share in Q4 2023. Full-year earnings per share were a loss of USD 0.22, in comparison to a loss of USD 0.26 in the previous year.
- Continued strong Safety Records: The company maintained a strong safety record, with zero Lost Time Incidents recorded during the quarter.
- High Rig Utilization: Two rigs, Paul B. Loyd, Jr, and Blackford Dolphin, were on contract with an average operational uptime of 96%, performing strongly for their respective clients.
- Arbitration Outcome: USD 105 million arbitration award against General Hydrocarbons Limited, the company continues to pursue enforcement action.
- Leadership Change: Jon Oliver Bryce was appointed interim CEO, effective from 1 February 2025.
Source: Dolphin Drilling
