l FOURTH QUARTER AND PRELIMINARY FULL YEAR 2012 RESULTS

Quarterly highlights - Q4 2012    
· Revenues of USD 75.5 million, compared to USD 30.1 million in Q4 2011
· EBITDA of USD 26.5 million (35,1%), improved from USD 4.5 million in Q4 2011
· EBIT of USD 16.3 million (21,6%), compared to  USD -0.7 million in Q4 2011
· Net Income of USD 13.9 million, compared with  USD -3.0 million in Q4 2011

· Strong contract margins for Q4, driven by high production on Shell and Statoil contracts
· Limited Multi-Client (MCS) sale for the quarter, due to seasonal low MCS investments and limited MCS library for sale
· Successfully raised NOK 400 million (USD 70.5 million) senior unsecured bond loan to support Dolphin growth strategy within Multi-Client and seismic processing

2012 highlights
· Revenues of USD 221.3 million, compared to 97.6 million in 2011
· EBITDA of USD 81.0 million (36,6%), compared to USD 13.6 million in 2011
· EBIT of USD 40.6 million (18,4%), compared to USD 3.0 million in 2011
· Net Income of USD 32.7 million, compared with  USD -0.9 in 2011
· Diluted earnings per share (EPS) of 0.11 cent for 2012, compared with 0.00 in 2011

Q4 subsequent events:

• Dolphin entered into new charter agreements for delivery of two new vessels
  o The Geo Atlantic will be rebuilt  by its owner to a 14 streamer high-capacity vessel and chartered for three and half year,  expected to be delivered in January 2014
  o The newbuild, Super Duke, with a 22 streamer capacity, will be chartered for five years and is expected to be delivered in March 2015
• To support Dolphin's chartered vessel capacity growth, an additional equity of USD 41 million was raised in February 2013

Atle Jacobsen, Dolphin Group CEO, commented: "Dolphin continues to deliver values in a growing market, through a strong fourth quarter performance, reflecting high operational efficiency and improved seismic market fundamentals.  

In line with Dolphin's strategy of focusing on the high end of the business segment we y have secured two additional high-end vessels at competitive cost levels. The two new vessels add to our ability to operate efficiently and safely in both mature hydrocarbon basins and frontier exploration provinces.  Based on our positive view of the seismic market, we believe the new charter agreements will create significant values to our shareholders".


Further Atle Jacobsen (CEO) and Erik Hokholt (CFO)  will give a presentation of the quarterly results at  Hotel Continental, Stortingsgaten 24-26, Oslo at 09:30  a.m. (CET).

The presentation is open to the public.
 

Please find attached the Q4 2012 report and presentation.

 
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 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
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 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).