Reductions in operating expenses

As referred to in the Q4 2008 report, the board of directors in Dolphin have today resolved to implement further cost reductions in order to reduce cash burn in the company.

The goals of this restructuring program is to significantly reduce operating expenses and cash usage from Q2 2009 in order to bring the break-even revenue per quarter below NOK 7 million.

The restructuring program will comprise both the US and the Norwegian organization. The subsidiary Numascale will not be effected by this restructuring. Cost savings will be obtained as a result of a reductions in operating cost and a combination of permanent and temporary reductions in staff. In total, the program is expected to lead to a 33% reduction in operating expenses (non-cogs) compared to the run rate at the end of 2008.

In connection with the reduction in staff, an estimated NOK 0.8 million in restructuring cost will be booked in Q1 2009.

For further information, please contact:
Tim Miller, CEO, telephone +1 508 7405 949
Alex Gundersen, CFO, telephone +47 41 47 41 07

About Us

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).