RESULT FOR FOURTH QUARTER 2011
Quarterly highlights - Q4 2011
* Revenues of USD 30.1 million, including first net Multi-Client sales of USD 3.9 million
* Positive EBITDA of USD 2.5 million and negative operating profit (EBIT) of USD 0.7 million
* Successful completion of Private Placement of USD 38.5 million (NOK 215 million)
* New 14 streamer 3D vessel capacity secured, Sanco Swift
*Securing significant 2012 contracts and Multi-Client backlog
Highlights - Full year 2011
*2011 revenues of USD 97.6 million, compared with USD 1.6 million for 2010
* The Geophysical business segment making Dolphin profitable for 2011 with; EBIT of USD 3.0 million, EBITDA of USD 11.7 million and profit before tax of USD 1.1 million
* Successful start-up of 4 seismic operations during 2011
* Consolidated attractive seismic vessel capacity at favorable terms
* Positioned for ambitious growth in Multi-Client activities and seismic processing
Atle Jacobsen, Dolphin Group CEO, commented;
"Dolphin is experiencing an increased demand for 3D seismic service in all regions in which the company is active. The 4th quarter had a soft nature with lower than expected utilization for the 3D fleet due to contract and permitting issues. During the quarter Gulf of Mexico (US) returned to "business as usual" with regular licensing rounds and the issuing of new seismic permits. This, combined with strong demand in both Angola and the upcoming North Sea season, has generated more favorable market conditions with increasing contract 3D rates.
After a successful start-up of the Multi-Client business, Dolphin will increase investments in Multi-Client activity during 2012. The combination of a strong organization with both sales and project development capability, together with a strong industry drive for Multi-Client model in several regions, will allow us to grow this part of our business faster than planned."
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 9:30 a.m. (CET). The presentation is open to the public.
Please find attached the report for 4Q 2011 and the presentation that Jacobsen and Hokholt will go through when presenting the quarterly results.
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
Ketil Sundal, VP Finance & IR
Mobile: +47 95 92 21 04
E-mail: ketil@dolphinics.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 has two main business areas; Dolphin Geophysical AS and Dolphin Interconnect Solutions AS. Dolphin Geophysical is a global full-range, asset light supplier of marine geophysical services and operates a fleet of new generation, high capacity seismic vessels and offers contract seismic
surveys and multi-client projects worldwide. Dolphin Interconnect is a global supplier of high performance solutions (hardware- and software) for the server and embedded systems market. Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).