Third quarter 2014 results
QUARTERLY HIGHLIGHTS – Q3 2014
| • | Revenues of USD 128.5 million, compared to USD 70.1 million in Q3 2013 |
| • | EBITDA of USD 38.2 million (29,7%), compared to USD 26.4 million in Q3 2013 |
| • | EBIT of USD 21.1 million (16,4%), compared to USD 17.4 million in Q3 2013 |
| • | Net Income of USD 12.2 million, compared to USD 11.6 million in Q3 2013 |
| • | The new vessel, Polar Marquis, successfully completed our first powerful solution 14 streamer survey |
| • | The two low-capacity vessels, on short remaining charter, dilute overall profitability in Q3 |
| • | West Africa operation, hampered by permitting delays and temporarily reduced operative capacity from 12 to 10 cables |
| • | Order backlog at historically high level of USD 340 million as of 1 November |
Q3 2014 SUBSEQUENT EVENTS
| • | Attractive lease terms offered for complete streamer seismic equipment package for Polar Empress, effectively reducing capital expenditure from USD 70 million to USD 40 million |
Atle Jacobsen, Dolphin Group CEO, commented:
“I am very pleased to report record revenues and backlog for the second consecutive quarter. Our growing high-end 3D fleet is delivering according to our expectations and our customers are becoming increasingly aware of the Dolphin fleet's ability to provide them with cost efficient services through our “powerful solutions” offering. In the quarter we continued to see the impact of a softer and more competitive market, particularly in the 2D and low-end 3D segment. This, together with low Multi-Client late sales, reduced our overall operational margins for the third quarter.
The marine seismic industry will continue to face headwinds for the remaining part of 2014 and into the first part of 2015, however, Dolphin is cautiously optimistic that the increased seasonal demand combined with the effects of reduced supply will pave the way for a more balanced market for the high-end part of the seismic fleet from the second quarter of 2015.”
The presentation will be held Wednesday November 5, 2014 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 an international telephone conference call on the same day, November 5, 2014 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: 24638005. A Q&A session will follow the presentation. To pose a question, please press *1 and wait for your name to be announced.
The Q3 2014 earnings release and presentation will be made available at Dolphin (www.dolphingeo.com) and Oslo Stock Exchange (www.oslobors.no) websites.
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
Dolphin Group ASA
Helsfyr Atrium
Innspurten 15
0663 OSLO
| 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).