THIRD QUARTER AND FIRST NINE MONTHS 2012 RESULTS
· Revenues of USD 61.2 million, compared to USD 43.0 million in Q3 2011
· EBITDA of USD 28.9 million (47,2%), improved from USD 9.1 million in Q3 2011
· EBIT of USD 16.8 million (27,4%), compared to USD 5.5 million in Q3 2011
· Net Income before tax of USD 16.4 million, compared with USD 3.9 million in Q3 2011
· Dolphin successfully enters into and completes the first 3D Multi-Client survey in Norway. The Gulspurv survey in the Barents Sea proves to be strategically and timely well positioned
· Dolphin seismic processing software is installed on-board our operated vessels and Dolphin wins its first large external processing contracts with ONGC and Statoil
· Our first 3D broadband seismic data (SHarp), is successfully acquired, processed, marketed and reviewed by clients. SHarp is presently tendered to clients as a Dolphin contract and Multi-Client product
Important Q3 subsequent events:
· Successful mobilising and enter into efficient production on our large 3D contracts for Statoil in Tanzania and Shell in South Africa
· To secure further continued strong growth and meet strategic targets, Dolphin has obtained a NOK 400 million (USD 70.5 million) senior unsecured four year bond financing, swapped into a USD fixed interest rate of 8,86%
Atle Jacobsen, Dolphin Group CEO, commented:
"There is strong market demand for Dolphin's marine seismic services. High operational efficiency and fleet utilisation, improved contract pricing and strong Multi-Client sales from new projects, has generated better than expected third quarter revenues and profit."
"From day one, Dolphin has emphasised the importance of building a strong internal geophysical and Multi-Client business competence. This strategy works. Today our Multi-Client seismic model is being recognised by an increasing number new global clients and governmental authorities. By successfully initiating a senior unsecured bond loan of NOK 400 million, Dolphin has strengthened its financial capabilities, secured the roll out of future strategy and increased its ability to compete in global markets."
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 09:30 a.m. (CET). The presentation is open to the public.
Please find attached the Q3 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
Erik Hokholt, CFO
Mobile:+47 90 75 60 64
Dolphin Group ASA
Phone:+47 23 16 70 00
Fax:+47 23 16 71 80
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).