Dolphin Drilling AS Announces Financial Results for the Fourth Quarter 2025 and Preliminary Results for the Financial Year Ended 31 December 2025

27 Feb 2026 07:30 CET

Oslo, Norway, 27 February 2026.

Dolphin Drilling AS (OSE: DDRIL) announced today its preliminary financial
results for the three months ended 31 December 2025 and full year 2025.

As of December 31, 2025

* Revenues of USD 47.0 million for the fourth quarter, compared to USD 37.7
million in Q3 2025. 2025 revenues were USD 177.7 million, up from USD 96.5
million reported for 2024
* EBITDA of USD 8.2 million for the fourth quarter, a significant improvement
from a loss of USD 4.7 million in Q3 2025. For the full year, EBITDA was USD
13.9 million compared to a loss of USD 34.2 million in 2024
* Net Earnings: The company reported a loss of USD 1.6 million or USD 0.01 per
share, compared to a loss of USD 18.2 million in Q3 2025 or USD 0.06 per
share. 2025 earnings per share were a loss of USD 0.10 per share, in
comparison to a loss of USD 0.38 per share in the previous year
* Rig Utilization: Paul B. Loyd, Jr ("PBLJ") had rig uptime of 98.9% while
Blackford Dolphin achieved 92.1%. Utilisation for 2025 was 98.0% and 91.7%
respectively
* Contract award: The company signed new firm contracts representing USD 100
million, USD 60 million in revenue backlog for the Borgland Dolphin with
Repsol SA as well as a contract extension adding USD 40 million for the
Blackford Dolphin with Oil India
* New shares: Company raised gross proceeds of approximately USD 15 million in
a Private Placement of shares
* Leadership Change: In December, Michael Boyd was appointed CEO

The preliminary earnings report and company presentation are enclosed. The
results will be presented later today through an audiocast including Q&A
starting 10:00 CET. The presentation will be held by CEO Micheal Boyd and CFO
Ingolf Gillesdal. Visit the Investor Relations section of the Company's
website at www.dolphindrilling.com and click on the link to "Q4 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 subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-02-27 07:30 CET.

More information:
Access the news on Oslo Bors NewsWeb site

667061_Q4 2025 DDRIL Investor Presentation.pdf
667061_Q4 2025 DDRIL Preliminary Earnings Report.pdf