Result for first quarter 2012

Quarterly highlights - Q1 2012
- Revenues of USD 34.6 million, compared to USD 0.4 million in Q1 2011
- EBITDA of USD 2.6 million, improved from USD -3.8 million in Q1 2011
- EBIT of USD - 3.1 million, compared to USD -4.0 million in Q1 2011
- Successful completion of Private Placement of USD 40.5 million (NOK 230 million)
- Secured USD 30 million in bank financing for the Polar Duchess seismic equipment
- Initiated company historical first 3D Multi-Client survey in Senegal, West Africa

Quarterly subsequent events  
- Acquisition of seismic data processing company, Open Geophysical Inc.
- Initiated and started offshore and onshore processing centers, in line with our strategy
- Secured favourable long-term charter for a second new 14-16 streamer 3D vessel; Sanco Sword

Atle Jacobsen, Dolphin Group, CEO, commented;
"Dolphin's first quarter 2012 report reflects a seasonally low market combined with low utilization of one of our 2D vessels. Dolphin has had tremendous revenue growth from USD 0.4 million to USD 34.6 million, compared with previous quarter last year, due to our fast and successful entrance into the seismic market."

"The outlooks for Dolphin's product offerings are encouraging and positive. We are ahead of our strategic plan in terms of securing favorable high-end 3D seismic capacity, expanding into the 2D and 3D Multi-Client market and building up our internal in seismic processing capabilities.

Further Atle Jacobsen (CEO) and Erik Hokholt (CFO)  will give a presentation of the quarterly results at  Shippingklubben, Haakon VII's gate 1, Oslo at 10:00  a.m.(CET). The presentation is open to the public.
 
Please find attached the Q1 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).