Dolphin Marine's Latest Financial Results Better Than Expected
Dolphin Marine, suppliers of marine geophysical services, presents Q3 and first nine months of 2012 financial results
· Revenues of USD 61.2 million, compared to USD 43.0 million in Q3 2011
· EBITDA of USD 28.9 million (47,2%), improved from USD 9.1 million in Q3 2011
· EBIT of USD 16.8 million (27,4%), compared to USD 5.5 million in Q3 2011
· Net Income before tax of USD 16.4 million, compared with USD 3.9 million in Q3 2011
· Dolphin successfully enters into and completes the first 3D Multi-Client survey in Norway.
Atle Jacobsen, Dolphin Group CEO, commented: "There is strong market demand for Dolphin's marine seismic services. High operational efficiency and fleet utilisation, improved contract pricing and strong Multi-Client sales from new projects, has generated better than expected third quarter revenues and profit."
"From day one, Dolphin has emphasised the importance of building a strong internal geophysical and Multi- Client business competence. This strategy works.
Today our Multi-Client seismic model is being recognised by an increasing number new global clients and governmental authorities. By successfully initiating a senior unsecured bond loan of NOK 400 million, Dolphin has strengthened its financial capabilities, secured the roll out of future strategy and increased its ability to compete in global markets."