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 Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

EIVA Welcomes New Global Director

The Danish offshore survey solution specialist EIVA a/s has appointed a new global sales director, Jakob Møller Nielsen. He comes from a similar position at SPX Flow Technology,

USCG Assists 2nd Activist From Arctic Challenger

Coast Guard personnel assisted in the removal of an activist who secured herself to the anchor chain of the Arctic Challenger in Bellingham, Wash., Monday morning.

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

Finance

Port Kembla Tariff hiked

NSW Ports have advised that from 1 July, there will be 2.38% increase to the Navigation Service Charge (Port Tonnage) and 3% increase to other charges (site occupancy,

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

Vinalines Plans Ports Divestment

The Vietnam National Shipping Lines (Vinalines) and the Ministry of Transport (MOT) hope the plan to reduce the state’s ownership ratio in the big shipping firm

Seismic Vessel Tech

Shanghai Shipyard Won Bid for Two Survey Vessels

Shanghai Shipyard has won bids to build two multipurpose survey vessels for two geological survey institutes. The shipyard is an affiliate of China State Shipbuilding Corporation (CSSC).

PGS ASA - First Mover Offshore Mexico

Petroleum Geo-Services ASA (PGS) commenced operations of a MultiClient 2D seismic program offshore Mexico on May 16th. The two 2D vessels Atlantic Explorer and

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar
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: 0.1732 sec (6 req/sec)