Second quarter and first half year 2015 results
FINANCIAL HIGHLIGHTS – Q2 2015
| • | Total revenues of USD 80.1 million, compared to USD 101.0 million in Q2 2014 |
| • | Multi-Client revenues of USD 12.1 million, compared to USD 14.9 million in Q2 2014, applying 81,5% amortisation rate |
| • | EBITDA, of USD 18.5 million (23,1%), compared to USD 30.3 million in Q2 2014 |
| • | EBIT, before restructuring charge, of USD -4.2 million (-5,2%), compared to USD 14.2 million in Q2 2014 |
| • | Re-structuring charge of USD 6.2 million |
| • | Net cash flow from operations of USD 45.3 million and total cash balance of USD 65.4 million as per Q2 2015 |
| • | Improved financial position by extending debt maturities and increasing equity capital with 20% |
OPERATIONAL HIGHLIGHTS – Q2 2015
| • | Dolphin’s new flagship Polar Empress in steady production end of June with 14 Q-Marine streamers |
| • | Extensive relocations after completion of long term contracts in India and Pacific region |
| • | High Multi-Client activity compared to previous quarters, in cooperation with partner |
| • | Utilising asset light flexibility to reduce costs by redelivering Artemis Atlantic (2D), de-rigging Artemis Arctic from 3D to 2D Multi-Client activity in Mexico |
Atle Jacobsen, Dolphin Group CEO, commented:
“In the second quarter, Dolphin was increasingly exposed to the challenging market conditions with low oil price and tender volumes, which negatively affected utilisation and contract pricing for second quarter.
Revenues are down at USD 80 million, due to a quarter with extensive relocation of vessels into new regions on contracts reflecting the low existing market prices, but also because one vessel have been re-delivered and one de-rigged during the quarter. In addition, our new flagship, Polar Empress, generated no revenues in the quarter due to late delivery.
The planned increased Multi-Client activities are within what we believe are highly attractive areas, though oil companies’ restricted spending and strong competition provided us with low Multi-Client pre-funding and Late Sales for the quarter.
At present the market outlook is hard to predict, the recent drop in oil price caused further uncertainty with our clients and rebound in seismic demand may take longer time than previously expected. As a consequence, Dolphin will continue the cost and capex reductions and further work on further improving our financial position.
By being a full-range, fully integrated marine geophysical company with a focus on operational excellence, Dolphin is an attractive and valuable contractor in these challenging times for the E&P industry. ”
The presentation will be held Wednesday August 12, 2015, by Atle Jacobsen (CEO) and Erik Hokholt (CFO) at 10:00 Central European Time (CET) at Hotel Continental, located at Stortingsgaten 24-26, Oslo. The presentation is open to the public.
CEO Atle Jacobsen and CFO Erik Hokholt will host a conference call on the same day Wednesday August 12, 2015 at 14:30 CET.
Attendees may want to call 5-10 minutes before to ensure registration and access.
| Norwegian attendees are invited to call | +47 21 56 30 13 |
| International attendees are invited to call | +44 1452 555 566 |
| US attendees are invited to call | +1 6315 107 498 |
Participants will need to quote the following confirmation ID code when dialing into the conference: 6119356. A Q&A session will follow the presentation. To pose a question, please press *1 and wait for your name to be announced.
The second quarter and first half year 2015 results and presentation will be made available at Dolphin (www.dolphingeo.com) and Oslo Stock Exchange (www.oslobors.no) websites.
Dolphin second quarter 2015 report
This information is subject of the disclosure requirements pursuant 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
| Phone: | +47 22 07 15 30 |
| Fax: | +47 22 07 15 31 |
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).