Dolphin Drilling AS Announces Financial Results for the First Quarter 2026

29 May 2026 07:30 CEST

Oslo, Norway, 29 May 2026.

Dolphin Drilling AS (OSE: DDRIL) announced today its preliminary financial
results for the three months ended 31 March 2026.

Q1 2026 Financial Performance and Subsequent Events

* Revenues of USD 44.7 million, broadly stable versus USD 47.0 million in Q4
2025, reflecting consistent contract execution and high operational uptime
across the fleet
* Adjusted EBITDA of USD 8.6 million, up sequentially from USD 8.2 million in
Q4 2025 and significantly higher year on year, demonstrating continued
operational leverage and disciplined cost control
* Earnings trajectory improving, with year on year reduction in net loss
despite higher financing and non cash items

Operational Performance

* Paul B. Loyd, Jr. delivered 99.3% uptime (Q4 2025: 98.9%)
* Blackford Dolphin achieved 92.0% utilisation, improving from 90.9% in Q4
2025
* Strong and improving utilisation supports earnings quality and cash flow
visibility

Balance Sheet and Liquidity

* USD 62.5 million equity raise completed post quarter, materially
strengthening liquidity and financial flexibility
* Debt maturities extended to March 2028 (subject to certain conditions), with
scheduled 2026 amortisation deferred, improving near term cash flow profile

Backlog and Market Visibility

* USD 362 million firm backlog plusUSD 818 million in Letter of Intents and
options, providing long term earnings visibility and significant upside:
* Paul B. Loyd, Jr. secured firm contract to September 2030, with multi year
priced options thereafter
* Blackford Dolphin contract extended in India through July 2026
* Borgland Dolphin awarded Letter of Intent for a potential 4.2 yrs +
options for another 5 years

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 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 "Q1 2026 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 2026-05-29 07:30 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

674859_Q1 26 Preliminary Earnings Report.pdf
674859_20260529 Q1 2026 DDRIL Audiocast.pdf