Fourth quarter and preliminary full year 2014 results
QUARTERLY HIGHLIGHTS – Q4 2014
| • | Revenues of USD 130.5 million, compared to USD 38.8 million in Q4 2013 |
| • | Multi-Client revenues of USD 27.3 million, compared to USD 7.6 million in Q4 2013 |
| • | EBITDA of USD 33.6 million (26%), compared to USD 3.4 million in Q4 2013 |
| • | EBIT of USD 6.4 million (5%), compared to USD -13.6 million in Q4 2013 |
| • | Profit before tax of USD 0.5 million, compared to USD -16.7 million in Q4 2013 |
| • | Entered into a fully financed USD 40 million agreement that included a complete Q-Marine Point-Receiver seismic system |
| • | Solid order backlog for the winter season, relocated vessels for large contracts in the Pacific and the Indian Ocean |
HIGHLIGHTS – PRELIMINARY FULL YEAR 2014
| • | Revenues of USD 440.2 million, compared to USD 246.5 million in 2013 |
| • | EBITDA of USD 124.8 million (28%), compared to USD 76.0 million in 2013 |
| • | EBIT of USD 54.6 million (12%), compared to USD 31.4 million in 2013 |
| • | Profit before tax of USD 34.7 million, compared to USD 19.8 million in 2013 |
| • | Two high-capacity 3D vessels successfully introduced in the seismic market |
| • | Multi-Client sales exceeded cash investments |
| • | Positioned to utilise multi-sensor technology from Schlumberger |
Atle Jacobsen, Dolphin Group CEO, commented:
“I’m very pleased to report that 2014 was an overall strong year for Dolphin. The year ended with total revenues of USD 440 million, a group EBIT margin of 12% and net profit before tax of USD 35 million, in what became an increasingly difficult market.
The focused and consistent efforts within our Multi-Client business segment resulted in solid late sales in Q4. The marine contract EBIT margin was negatively impacted by vessel relocations between regions and low utilisation for our 2D vessel and low-end 3D vessel.
Going forward, solid backlog will soften the effect of the weaker pricing and utilisation that the industry will experience during 2015.
Our modern fleet of six high-end 3D vessels capable of cost efficient “powerful solutions” surveys will be complete when taking delivery of Polar Empress in April. Dolphin has a continued expectation of strong Multi-Client performance in 2015, and we will continue to grow our Processing & Imaging business in order to reinforce our holistic marine geophysical offering to our clients.
Our focus for the year will be to continue to leverage our "powerful solutions" offering combined with the value of being a fully integrated marine seismic company, with the goal of capturing more of our clients’ business.
We reiterate the financial guidance of 2015.”
The presentation will be held Wednesday February 18, 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 February 18, 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 dialing into the conference: 84320181. A Q&A session will follow the presentation. To pose a question, please press *1 and wait for your name to be announced.
The fourth quarter and preliminary full year 2014 results 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 |
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).