Dolphin Drilling has announced its unaudited results for the second quarter and half year 2024.
The highlights and subsequent events include:
- Operating revenues of USD 16.4 million and an EBITDA of USD (6.3) million. Earnings per share was USD (0.05) in the second quarter of 2024
- Operating revenues for the first half of 2024 were USD 26.4 million and an EBITDA of USD (23.2) million. Earnings per share resulted in a loss of USD 0.11 per share
- The revenue backlog for Dolphin Drilling is USD 431 million as of the reporting date
- In her first full quarter under Dolphin Drilling operations and responsibility, Paul B. Loyd, Jr. had nearly 100% operational utilisation with zero lost time incidents recorded
- In July 2024, Blackford Dolphin started its tow to India for its next drilling campaign. An official contract signing ceremony with Oil India Ltd was held in late July with drilling commencement expected in October 2024
- Borgland Dolphin towed from Norway to Las Palmas ahead of its upcoming special periodic survey following the contract startup with EnQuest Ltd in the UK in 2025
- On 10 April 2024, the company completed a private placement of 72 million new shares, raising USD 40 million in equity to support its ongoing operations
'We are particularly pleased to report of a good safety record and close to 100% uptime on the Paul B. Loyd, Jr. during the last quarter. Our two other rigs, Blackford Dolphin and Borgland Dolphin, are on their way preparing for their next contracts. Together with earnings from Paul B. Loyd, Jr., the contracts are expected to provide a significant improvement in the financial results in the coming quarters,' said Bjørnar Iversen, CEO of Dolphin Drilling.
Source: Dolphin Drilling
