Third quarter and first nine months 2015 results
FINANCIAL HIGHLIGHTS – Q3 2015
| • | Total revenues of USD 78.7 million, compared to USD 128.5 millionin Q3 2014 |
| • | Multi-Client revenues of USD 22.0 million, compared to USD 6.0 million in Q3 2014, applying 91% amortisation rate |
| • | EBITDA of USD 18.4 million (23,4%), compared to USD 38.2 million in Q3 2014 |
| • | EBIT, before other charge, of USD -13.8 million (-17,5%), compared to USD 21.1 million in Q3 2014 |
| • | Vessel fleet and organisational re-structuring charge of USD 16.3 millionAdditional cost and liquidity initiatives introduced. Charter costs and loan instalments reduced for a period of 9-12 months |
OPERATIONAL HIGHLIGHTS – Q3 2015
| • | Dolphin’s new flagship Polar Empress successfully completed large 3D seismic surveys with 14 Q-Marine streamers |
| • | Further utilising asset light flexibility to reduce costs by de-rigging Artemis Arctic from 3D to 2D and laying up Polar Duke |
| • | Vessel utilisation negatively impacted by operating permits and delayed contract start-up |
| • | Increased Multi-Client investments due to converted proprietary work |
SUBSEQUENT EVENTS – Q3 2015
| • | Dolphin improved competitiveness through a significant reduction in the cost base and strengthened liquidity |
| • | Dolphin secured USD 15 million short-term bank facility |
| • | Dolphin has received a notice of time charter termination for the two vessels Sanco Swift and Sanco Sword. Dolphin has reserved the right to have the cancellation reviewed |
Atle Jacobsen, Dolphin Group CEO, commented:
“Dolphin is operating one of the most efficient high-capacity seismic fleets in the industry, however based on the very weak market fundamentals, fierce competition and low seismic market rates, we are not able to deliver profitable figures for third quarter.
The seismic market, which is highly correlated with the oil price development and our clients E&P spending, seems not to recover in the short term. Consequently, Dolphin will continue the substantial cost and activity reductions to meet the lower demand for seismic services.
Based on our improved cost competitiveness, Dolphin has recently succeeded to improve our visibility for the winter season.”
The presentation will be held Wednesday October 28, 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 October 28, 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: 62318303. A Q&A session will follow the presentation. To pose a question, please press *1 and wait for your name to be announced.
The third quarter and first nine months 2015 results 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
| 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).