First quarter 2015 results
QUARTERLY HIGHLIGHTS – Q1 2015
| • | Revenues of USD 120.1 million, compared to USD 80.2 million in Q1 2014 |
| • | Multi-Client revenues of USD 9.3 million, compared to USD 1.7 million in Q1 2014 |
| • | EBITDA of USD 30.4 million (25%), compared to USD 22.7 million in Q1 2014 |
| • | EBIT of USD 11.6 million (10%), compared to USD 13.0 million |
| • | Profit before tax of USD 6.0 million, compared to USD 8.1 million in Q1 2014 |
| • | Dolphin leverage on powerful solutions, by securing large contracts and setting production records |
| • | Fleet capacity to be immediately reduced, by utilising asset-light chartered vessel model. M/V Artemis Atlantic returned to owner and Artemis Arctic de-rigged from a 8 streamer 3D vessel to a 2D vessel for 6 months operation in Mexico |
| • | To adjust for uncertain market outlook, pro-active decisions are made to significantly reduce costs and capital expenditures, redelivering vessels, extend bond maturities to 2018 and 2019, reduce debt amortisations and increase equity capital. |
Atle Jacobsen, Dolphin Group CEO, commented:
“Dolphin Q1 revenues of USD 120 million is a solid start on what will be a difficult year for our industry.
Our fleet is continuing to perform in-line with our expectations, and, despite low Multi-Client late sales, I’m very pleased with our ability to deliver good operating margins.
To meet our customers request for reduced exploration cost, we have introduced our “powerful solutions” concept, which provides more seismic data for fewer dollars. By beating all known production records, Sanco Sword has become the benchmark vessel for our industry with an industry first configuration on the large contract in Myanmar.
The supply responses that have taken place in the seismic industry are unmatched in the oil service sector. This will become visible through improved industry fleet utilisation towards the end of 2015 and allow for a recovery on improved market fundamentals.
With the combination of an attractive fleet, operational excellence and improved financial position, I’m confident that Dolphin will successfully manoeuvre through this market downturn, and be ready to leverage the market upturn”
The presentation will be held Wednesday May 6, 2015, by Atle Jacobsen (CEO) and Erik Hokholt (CFO) at 10:00 Central European Time (CET) at Hotel Continental, located at Stortingsgaten 24-26, Oslo. The presentation is open to the public.
CEO Atle Jacobsen and CFO Erik Hokholt will host a conference call on the same day Wednesday May 6, 2015 at 14:30 CET.
Attendees may want to call 5-10 minutes before to ensure registration and access.
| Norwegian attendees are invited to call | +47 21 56 30 13 |
| International attendees are invited to call | +44 1452 555 566 |
| US attendees are invited to call | +1 6315 107 498 |
Participants will need to quote the following confirmation ID code when dialling into the conference: 38159438. A Q&A session will follow the presentation. To pose a question, please press *1 and wait for your name to be announced.
The first quarter 2015 earnings release and presentation will be made available at Dolphin (www.dolphingeo.com) and Oslo Stock Exchange (www.oslobors.no) websites.
This information is subject of the disclosure requirements pursuant to section 5-12 of the 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
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).