Dolphin - update second quarter 2013

Oslo,Norway,18 July 2013 - Dolphin Group ASA (OSE:DOLP)

Based on second quarter operational activity, with four vessels in continuous operation, Dolphin expect to report revenues and operational margins identical with the first quarter. Consolidated revenues are expected to be approximately USD 68.5 million with an EBIT margin of 20% and EBITDA margin of 34%.

Total Multi Client revenues were USD 8 million for the quarter with net cash investment of USD 8.2 million, financed by early participant commitments from clients of 81%.

During the second quarter, Dolphin has successfully completed several complex 4D seismic surveys, including undershoot over existing producing fields for key clients; with operations at Gullfaks, Troll, Grane, and the Greater York Fields.

Relatively high levels of strategic fleet 4D exposure in a short timeframe, and associated higher levels of contractual standby incurred during complex 4D operations in producing fields with SIMOPS has resulted in a lower margin contribution than through a higher weighting of open water 3D exploration, with the company now well positioned to gain the longer term benefits of this experience in future tendering activity.

This growing track record is considered to be a strategically important milestone in Dolphin's ability to secure future 4D contracts within a "high barrier of entry" geophysical service in the proprietary market segment

Multi-Client late sales related to the Norwegian 22'nd licensing round in the Barents Sea, announced in late June, are expected to generate solid sales in the second half of 2013 from clients that will complete the purchase of seismic data over their awarded blocks, and from new clients and field partners farming into awarded blocks. Dolphin has not recognised any sales from our joint Lebanon survey in second quarter.

Dolphin has succeeded in significantly improving working capital by more than USD 25 million during the quarter, and has increased the cash position to more than USD 70 million at the end of second quarter.

Dolphin is expected to take delivery of, and commence proprietary contract production with the high capacity 3D seismic vessel Sanco Swift as planned, during July 2013. Fleet operations are expected to revert to an overweight of ordinary 3D exploration for the remainder of the North Sea 2013 season.

The full second quarter earnings release is scheduled for 21 August 2013.

For further information, please contact:

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

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