Preliminary Results as of Third Quarter 2024

27 Nov 2024 07:30 CET

Oslo, Norway, 27 November, 2024.

Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today announced its
preliminary financial results for the three months ended 30 September 2024

Q3 2024 highlights and subsequent events

* Q3 2024 results and highlights: Operating revenues of USD 16.5 million and
EBITDA of USD (22.1) million. Earnings per share of USD (0.10) in the third
quarter of 2024.
* Paul B. Loyd, Jr, strong uptime: In her second full quarter under Dolphin
Drilling operations and responsibility Paul B. Loyd, Jr successfully
completed operations at Harbour Energy's North West Seymour well. The rig
moved to the Gilderoy well to commence exploration works. Recorded average
uptime for the quarter was 96%
* Blackford Dolphin enroute to India and contract start in Q4: In October 2024
Blackford Dolphin arrived in India for its next drilling campaign after
departing Nigeria in July. Following customs clearance and client acceptance
the Blackford Dolphin commenced contract on 11 November 2024.
* Borgland Dolphin contract cancelled for convenience: As notified on 20
November, EnQuest elected to terminate for convenience the contract for the
Borgland Dolphin. An agreement was reached to pay USD 20.75 million to
Dolphin which was received on 25 November. The Borgland Dolphin is currently
located in Las Palmas Gran Canaria and is being actively tendered to
multiple opportunities across geographies.
* Sale of Dolphin Leader: The cold-stacked Dolphin Leader was sold in July
2024 resulting in a net USD 5.9 million cash to the company, a decision
influenced by the increasing uncertainty surrounding future activity levels
in the UK. The rig shall be recycled in a responsible manner.
* Firm revenue backlog of USD 371 million as of reporting date. USD 153.8
million Oil India contract was confirmed in an official signing ceremony in
India during July 2024, the same value was previously recorded in backlog as
a Letter of Award. The value associated with the Borgland EnQuest contract
has been removed.

The preliminary earnings report and company presentation are enclosed. The
results will be presented on 27 November 2024 through an audiocast starting
15:00 CET. The presentation will be held by CEO Bjørnar Iversen and CFO
Stephen Cox.

Link to Q3 audiocast:

https://edge.media-server.com/mmc/p/o7k3zkpt

To participate in the audiocast and ask questions during the Q&A session
please use this link to register:

https://register.vevent.com/register/BI721a56450ccc407fa0b4beb721c5c999

1. Click on the call link and complete the online registration form.
2. Upon registering you will receive the dial-in info and a unique PIN to
join the call as well as an email confirmation with the details.
3. Select a method for joining the call;
i. Dial-In: A dial in number and unique PIN are displayed to connect
directly from your phone.
ii. Call Me: Enter your phone number and click "Call Me" for an
immediate callback from the system. The call will come from a US
number.

Participants may also visit the Investor Relations section of the Company's
website at www.dolphindrilling.com and click on the link to "Q3 2024 Investor
Presentation Audiocast".

There will be a Q&A session following the presentation. Written questions can
be submitted through the audiocast solution during the presentation. It is
also possible to submit questions to Ingolf.gillesdal@dolphindrilling.com in
advance.

For further information, please contact: Ingolf Gillesdal, Corporate Finance
and Investor Relations, tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com (http://www.dolphindrilling.com/)

Dolphin Drilling is a leading harsh environment drilling contractor for the
offshore oil and gas industry. Dolphin Drilling owns a fleet of three high
-technical standard 4th and 5th generation enhanced Aker H3 and H4 units,
Blackford Dolphin, Borgland Dolphin, and Paul B. Loyd, Jr., operated by an
experienced team with a strong operational track record. The company has
offshore and onshore offices and operations in Norway, Scotland, India and
Brazil.

This information is subject to disclosure requirements pursuant to the
Securities Trading Act §5-12.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2024-11-27 07:30 CET.

More information:
Access the news on Oslo Bors NewsWeb site

633254_Q3 2024 DDRIL Presentation.pdf
633254_Q3 2024 DDRIL Preliminary Earnings Report.pdf