Dolphin Group 1Q 2013 Results

MarineLink.com
Tuesday, May 28, 2013

Quarterly highlights - Q1 2013
• Revenues of $69.1 million, compared to $34.6 million in Q1 2012
• EBITDA of $22.9 million(33.1%) , improved from $2.6 million in Q1 2012
• EBIT of $13.8 million (20%), compared to negative $3.1 million in Q1 2012
• Net Income before tax of $10.6 million, compared to negative $1.4 million in Q1 2012
• Dolphin fleet were primarily allocated to exclusive contract work worth $60 million and with limited Multi-Client (MCS) investments of $4.8 million for the quarter
• Strong margin contribution from the high capacity 3D vessels Polar Duke and Polar Duchess, though less contribution from the lower capacity vessels
• Encouraging organic growth in Dolphin processing, external contract revenues of $1.9 million for Q1 confirming market acceptance.

Q1 2013 subsequent events
• Dolphin increase Loan Facility to $73 million to accommodate purchase of equipment for Geo Atlantic, to be delivered in January 2014
Seismic vessel capacity expansion on track, the high capacity 3D vessel, M/V Sanco Swift, is scheduled for delivery in July 2013

Atle Jacobsen, Dolphin Group CEO, commented, “Dolphin continues to deliver solid earnings from a fleet, which is soon to be doubled in size. We experience improved market conditions ahead and Dolphin becomes an even more attractive service provider as major clients experience our efficient operations with modern high capacity vessels. We see effective day-rates continue to increase, however for our clients, Dolphin vessels provide more seismic volume data for less money, which enable clients to better assess their overall exploration and production risks."

Further Atle Jacobsen (CEO) and Erik Hokholt (CFO) will give a presentation of the quarterly results at Hotel Continental, Stortingsgaten 24-26, and Oslo at 9:30 a.m. (CET). The presentation is open to the public.

The company’s full results and presentation can be viewed online here.

www.dolphingeo.com
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

CMA CGM to use Kingston As Transshipment Hub

French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast,

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Finance

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

World Stocks Tumble as Britain Votes for EU Exit

Global capital markets reeled on Friday after Britain voted to leave the European Union, with $2 trillion in value wiped from equity bourses worldwide, while money

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Port Authority Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1081 sec (9 req/sec)