DOLPHIN GROUP ASA - RESULT FOR 2 QUARTER 2011
Highlights:
* Successful start-up of all seismic vessels
* Consolidating seismic capacity by adding cost favorable vessels
* Significant new contract awards in the North Sea
* Launch of our first Multi-Client project in North West Africa in joint venture with TGS
* Highly competent and motivated employees provide excellent operations resulting in earnings exceeding our expectations
* Second quarter consolidated revenues at USD 24 million, positive Operating Profit (EBIT) of USD 2.1 million and Net Earnings after Tax of USD 1.5 million
Atle Jacobsen, Dolphin Group CEO, commented;
"Seismic is a people business, and in this quarter we have shown the capability of our current organization. In the quarter Dolphin have secured a healthy contract backlog, invested in a unique multi-client project in North West Africa, completed outfitting of our seismic vessels, and successfully launched all vessels into steady production. All of these achievements were carried out with flawless execution, resulting in strong Q2 results exceeding expectations. Going forward, we are fundamentally optimistic about a continued strengthening demand for high end seismic vessels, and we will continue to pursue alternatives for growing the company with the market taking advantage of the strong foundation that we have created."
Further Atle Jacobsen (CEO) and Erik Hokholt (CFO) will give a presentation of the quarterly results at Felix Conference Centre, Oslo at 10 a.m. (CET).
Please find attached the report for 2Q 2011 and the presentation that Jacobsen and Hokholt will go through when presenting the quarterly results.
This information is subject of the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Atle Jacobsen, CEO
Mobile:+47 97 71 77 58
E-mail:atle.jacobsen@dolphingeo.com
Erik Hokholt, CFO
Mobile:+47 90 75 60 64
E-mail:erik.hokholt@dolphingeo.com
Ketil Sundal, VP Finance & IR
Mobile:+47 95 92 21 04
E-mail:ketil@dolphinics.com
Dolphin Group ASA
Helsfyr Atrium
Innspurten 15
0663 OSLO
Phone:+47 23 16 70 00
Fax:+47 23 16 71 80
www.dolphingroup.no
www.dolphingeo.com
Dolphin Group ASA has two main business areas; Dolphin Geophysical AS and Dolphin Interconnect Solutions AS. Dolphin Geophysical is a global full-range, asset light supplier of marine geophysical services and operates a fleet of new generation, high capacity seismic vessels and offers contract seismic surveys and multi-client projects worldwide. Dolphin Interconnect is a global supplier of high performance solutions (hardware- and software) for the server and embedded systems market. Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).