NEW HEADS OF AGREEMENTS AND CONTEMPLATED PRIVATE PLACEMENT

Oslo, Norway, 13 February 2013 - Dolphin Group ASA (OSE:DOLP)

Dolphin Group ASA ("Dolphin") today announces that it has entered into two new heads of agreements with GC Rieber Shipping for two high-end 3D seismic vessels. At the same time, Dolphin announces that it intends to redeliver Artemis Arctic following the expiration of the fixed contract term. Combined with the recent redelivery of Polar Explorer, this confirms Dolphin's strategy to operate a fleet of high-end modern 3D vessels.

The first vessel, Geo Atlantic, is an existing 3D seismic vessel built in 2002 which will be upgraded by the owner to a 14 streamer seismic vessel at a yard in Singapore. The vessel is expected to be delivered to Dolphin in the 4th Quarter 2013. The agreement has a fixed contract term of three years and 6 months, with additional options for 2+2 years extensions.

The second vessel, newbuild, is a top-end 22-streamer 3D seismic newbuild vessel with highest ice-class, to be constructed at Kleven yard in Norway and expected delivery to Dolphin in March 2015. The vessel is based on an upgraded version of the proven design used for Polar Duke and Polar Duchess. The agreement has a fixed contract term of five years, with additional options for 2x3 years extensions.

As part of the two new charter agreements, Dolphin has extended the firm contract term for Polar Duchess with 2 years to give a total initial firm period of 5 years.

"Through the new charter agreements with GC Rieber Shipping, Dolphin continues its effort to improve and optimize the fleet through securing high-end vessel capacity at competitive cost levels in a strong market for seismic services. The two vessels add to our ability to operate efficiently and safely in both mature hydrocarbon basins and frontier exploration provinces.  In mature areas such as the N. Sea, the ability to tow a high number of closely spaced cables, coupled with our broadband technique SHarp, will provide our clients with higher resolution which is vital for optimal finding and development of smaller fields.  In frontier regions, their high propulsion power, sea keeping abilities, high transit speed and large paravanes enable us to tow industry leading, ultra-wide spreads and thus allow cost effective 3D exploration.

Based on our positive view on the seismic market, we believe the new charter agreements will create significant shareholder value", states Atle Jacobsen, CEO in Dolphin.

Dolphin has retained SEB and Pareto Securities as Managers and bookrunners (the "Managers") to advise on and effect a contemplated private placement ("Private Placement") of up to 30 535 000 new shares directed towards investors in Norway and internationally, raising gross proceeds of up to USD 41 million (approx. NOK 230 million). The proceeds from the Private Placement will be used to finance the equity part of the streamer package for Geo Atlantic as well as for working capital purposes.

The new shares will be issued pursuant to the authorization to the Board of Directors granted at Dolphin's Extraordinary General Meeting held on 31 May 2012. Completion of the Private Placement is subject to the approval by the Board of Directors.
     
The application period commences on 13 February 2013 at 16:30 (CET). The subscription price will be set through a bookbuilding process. The minimum order size in the Private Placement has been set to the number of shares that equals an aggregate purchase price of at least the NOK equivalent of EUR 100,000.

Dolphin expects to report fourth quarter 2012 consolidated revenues of approximately USD 75.5 million, of which approximately USD 8 million is net revenues generated from sale of Multi-Client seismic data. The preliminary EBITDA and EBIT is estimated to be approximately USD 26.5 million (35.1%) and USD 16.3 million (21.6%) respectively and net income after tax of USD 14.3 million. Due to high vessel deployment in the contract seismic market for fourth quarter, Dolphin has only cash invested USD 5.5 million in new Multi-Client projects for the quarter, with early participant commitment of USD 4.7 million (85.5%). Dolphin will publish its complete fourth quarter 2012 financial results on 26 February.

Please find attached Dolphin Company presentation as per 13 February 2013

This information is subject of the disclosure requirements acc. to §5-12 (Norwegian Securities Trading Act).

For further information, please contact:

Atle Jacobsen, CEO
Mobile:+47 97 71 53 36
E-mail:atle.jacobsen@dolphingeo.com

Erik Hokholt, CFO
Mobile:+47 90 75 60 64
E-mail:erik.hokholt@dolphingeo.com

Phone:+47 55 38 75 00
www.dolphingroup.no
www.dolphingeo.com

Dolphin Group ASA is the parent company of Dolphin Geophysical AS, a global full-range, asset light supplier of marine geophysical services. Dolphin operates a fleet of new generation, high capacity seismic vessels and offers contract seismic surveys and Multi-Client projects and processing services on a worldwide basis. Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).

THIS PRESS RELEASE MAY NOT BE DISTRIBUTED IN, OR TO ANY PERSON RESIDENT IN THE U.S., CANADA, AUSTRALIA OR JAPAN OR TO ANY AMERICAN CITIZEN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OF 1933. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LEGISLATION.

About Us

Dolphin Group ASA is the Parent company of Dolphin Geophysical AS, a global full-range, asset light supplier of marine Geophysical services. Dolphin operates a fleet of new generation, high-capacity seismic vessels and offers contract seismic surveys, Multi-Client projects and processing services on a worldwide basis. Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).

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