Dolphin Group 1Q 2013 Results
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.