Dolphin Group - Q3 2012 Financial Update and potential bond issue to finance further strategic growth

Oslo,26 October 2012

Dolphin Group ASA ("Dolphin") expects historical high third quarter 2012 consolidated revenues of approximately USD 61,2 million, of which approximately USD 16 million is revenues generated from sale of Multi-Client seismic data.

The preliminary EBITDA and EBIT is estimated to be approximately USD 28,9 million (47,2%) and 16,8 million (27,4%) respectively, which is the highest operating margins ever achieved by Dolphin.

The strong result is primarily caused by high operational efficiency, improved contract pricing, high utilization of the seismic fleet and strong multi-client sales from Dolphin's new 2012 projects.

We intend to use a Multi-Client project amortization rate of 50% for third quarter.  

Dolphin is experiencing a strong market for our marine seismic services, and based on our new strategic growth targets for 2013 and 2014 we are continuously evaluating various financing alternatives and sources to fund this growth. Based on this, Dolphin has initiated a process to evaluate if the Norwegian and international bond market could be a feasible long term financing alternative for Dolphin, and has retained DNB Markets, Pareto Securities and SEB Merchant Banking as joint lead managers for a potential unsecured bond issue.


Dolphin will release its complete Q3 2012 financial  results on Wednesday 14 November 2012 at approximately 8:00 am (CET).

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

Dolphin Group ASA

Tel: +47 23 16 70 00
Fax: +47 23 16 71 80
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, Multi-Client projects and processing services on a worldwide basis. Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).