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
Highlights:
· 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."