Dolphin Drilling has announced its preliminary financial results for the three months ended 31 December 2025 and full year 2025.
As of December 31, 2025
- Revenues of USD 47.0 million for the fourth quarter, compared to USD 37.7 million in Q3 2025. 2025 revenues were USD 177.7 million, up from USD 96.5 million reported for 2024
- EBITDA of USD 8.2 million for the fourth quarter, a significant improvement from a loss of USD 4.7 million in Q3 2025. For the full year, EBITDA was USD 13.9 million compared to a loss of USD 34.2 million in 2024
- Net Earnings: The company reported a loss of USD 1.6 million or USD 0.01 per share, compared to a loss of USD 18.2 million in Q3 2025 or USD 0.06 per share. 2025 earnings per share were a loss of USD 0.10 per share, in comparison to a loss of USD 0.38 per share in the previous year
- Rig Utilization: Paul B. Loyd, Jr (“PBLJ”) had rig uptime of 98.9% while Blackford Dolphin achieved 92.1%. Utilisation for 2025 was 98.0% and 91.7% respectively
- Contract award: The company signed new firm contracts representing USD 100 million, USD 60 million in revenue backlog for the Borgland Dolphin with Repsol SA as well as a contract extension adding USD 40 million for the Blackford Dolphin with Oil India
- New shares: Company raised gross proceeds of approximately USD 15 million in a Private Placement of shares
- Leadership Change: In December, Michael Boyd was appointed CEO
Attachments
Q4 2025 DDRIL Preliminary Earnings Report
Q4 2025 DDRIL Investor Presentation
Source: Dolphin Drilling
