RESULT FOR THIRD QUARTER 2011
Highlights:
* Excellent operational performance in third quarter 2011
* Revenues of USD 43 million, up 78 % compared with USD 24.1 million in the second quarter 2011
* Operating profit (EBIT) of USD 5.5 million, up 162% compared with USD 2.1 million in the previous quarter
* Successful completion of Private Placement of USD 35 million (NOK 195 million)
* Further consolidation of high-end 3D seismic vessels capacity, through cost favourable time charters
Atle Jacobsen, Dolphin Group CEO, commented;
"I am very pleased to see that the strong performance from our second quarter continued in the third. quarter. Revenues increased significantly from USD 24 million to USD 43 million and our marine contract EBIT margin increased from 10% to 13% quarter on quarter, this is a clear indication that our asset light business model is robust in the current market environment.
We are cautiously optimistic about the continued growth in the seismic demand. A continued stable oil price at current levels will generate a healthy market environment for seismic services going forward, and we are currently experiencing an increase in seismic spending budgets for 2012 from the majority of our clients."
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 3Q 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 77 58
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).