Fourth quarter and preliminary full year 2013 results

    
QUARTERLY HIGHLIGHTS - Q4 2013
    
·Revenues of USD 38.8 million, compared to USD 75.5 million in Q4 2012

·EBITDA of USD 3.4 million, compared to USD 26.5 million in Q4 2012

·EBIT of USD*) -13.6 million compared to USD 16.3 million in Q4 2012

·Net Income *) of USD -15.0 million, compared to USD 13.9 million in Q4 2012

·Increased net cash MCS Investments in Q4 of USD 16.2 million, primarily in the Barents Sea, North Sea and Brazil

·Capital Expenditure financing secured with additional bond loan of NOK 500 million(USD 82 million) and increased drawing facility of USD 20 million (total of USD 50 million)

·Record back-log of USD 220 million secured as per 1 February 2014

HIGHLIGHTS - FULL YEAR 2013
    
·Revenues of USD 246.5 million, compared to USD 221.3 million in 2012

·EBITDA of USD 76.0 million (31%), compared to USD 81.0 million in 2012

·EBIT*) of USD 31.4 million (13%), compared to USD 40.6 million in 2012

·Net Income*) of USD 12.4 million, compared to USD 32.7 million in 2012

Q4 2013 SUBSEQUENT EVENTS

·Resolved long-term dispute with African client, USD 8 million collected

*) Including year-end extra ordinary Multi-Client full write-down for an African survey with USD 4.9 million

Atle Jacobsen, Dolphin Group CEO commented:

"Dolphin has since September 2013 expressed ourconcern over a slow-down in seismic demand, which would have an effect on the seismic industry ingeneral and specifically for Dolphin in Q4 2013 and beginning of Q1 2014. Our disappointing fourth quarter reflects such a market situation, with low fleet utilisation and limited sales from a young and growing Multi-Client library.

To mitigate seasonal utilisation effects going forward, we have during the quarter relocated two of our high capacity 3D vessels to new geographical regions; Australia and South America.  In these areas we will make full use of our abilities to tow large and wide seismic configurations. The increased globalfoot print will also reduce our exposure to the typical seasonal "North Sea - Africa" market.

Our approach to a challenging market situation seems to have worked, demonstrated through current and growing back-log. We have secured historic high backlog for our vessels as we enter into 2014 and are becoming less dependent on the North Sea market as fleet volume increases. Further, good performance and higher utilisation will bring us a better than expected first quarter with historic high contract revenues."

The presentation will be held Wednesday 19 February 2014 by Atle Jacobsen (CEO) and Erik Hokholt (CFO) at 10:00 Central European Time (CET) at KS Agenda Møtesenter, located at Haakon VII`s gate 9, Oslo. The presentation is open to the public.

CEO Atle Jacobsen and CFO Erik Hokholt will host a conference call on the same day, 19 February 2014 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: 81733346. A Q&A session will follow the presentation. To pose a question, please press *1 and wait for your name to be announced.

The Q4 2013 and preliminary 2013 full year 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

Phone:+47 22 07 15 30
Fax:+47 22 07 15 31          
 
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).