Dolphin Drilling AS Announces Financial Results for Third Quarter 2025

28 Nov 2025 07:30 CET

Oslo, Norway, 28 November 2025.

Dolphin Drilling AS (OSE: DDRIL) announced today its preliminary financial
results for the three months ended 30 September 2025.

Q3 2025 and Subsequent Events

* Q3 Revenue: USD 37.7 million, compared to USD 16.5 million in Q3 2024
* Q3 EBITDA: a loss of USD 4.7 million, an improvement from a loss of USD 22.1
million in Q3 2024, impacted by the planned out of service days for Paul B
Loyd Jr and her rig survey
* Q3 G&A cost: USD 4.0 million, a reduction from USD 5.3 million in Q3 2024
* Q3 Net Earnings: loss of USD 18.2 million or USD 0.06 per share, compared to
a loss of USD 30.2 million in Q3 2024 or USD 0.14 per share
* Q3 Rig Utilization: PBLJ had rig uptime of 98.3% (on contract for 30 days
due to the planned rig survey). Blackford Dolphin on contract for the full
quarter at an average of 89.8%. In September 2025, Paul B. Loyd, Jr ("PBLJ")
completed its 5-year rig survey within the capex budget of USD 30 million
* USD 100 million in contract awards: The company signed a contract adding USD
60 million in revenue backlog for the Borgland Dolphin with Repsol SA as
well as contract extension adding USD 40 million for the Blackford Dolphin
with Oil India

The preliminary earnings report and company presentation are enclosed. The
results will be presented later today through an audiocast including Q&A
starting 11:00 CET. The presentation will be held by CEO Jon Oliver Bryce and
CFO Ingolf Gillesdal. Visit the Investor Relations section of the Company's
website at www.dolphindrilling.com and click on the link to "Q3 2025 Investor
Presentation Audiocast".

For further information, please contact: Ingolf Gillesdal, CFO, tel: +47 920
45 320

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

Dolphin Drilling AS is an Oslo listed, Aberdeen head-quartered, company which
owns and operates a fleet of harsh environment mid-water & deep-water
semisubmersible drilling rigs, capable of working worldwide.

This information is information that Dolphin Drilling is obliged to make
public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact persons set out
above, at 2025-11-28 07:30 CET.

More information:
Access the news on Oslo Bors NewsWeb site

660809_Q3 2025 DolphinD Company Presentation.pdf
660809_Q3 25 DDRIL Preliminary Earnings Report.pdf