Dolphin Drilling today announced its unaudited results for the three and nine months ended 30 September 2023.

Q3 2023 highlights

• EBITDA of USD 4.6 million (USD 1.6 million in Q2)
• Blackford Dolphin has been operating for General Hydrocarbons Limited (GHL) throughout the quarter and achieved 98.3% operational performance
• The Total Recordable Incident Rate for the Blackford Dolphin operation was zero during the quarter
• Operating cost for Blackford at USD 106,000 per day, improved from USD 116,000 in the previous quarter
• Completed a private placement of USD 60 million and a subsequent repair offering raising USD 8 million. Total outstanding shares of 219,890,099 after the capital raises
• Accounts receivable outstanding has increased during the quarter. Despite extensive efforts made by the company to collect on past due payments from General Hydrocarbons Limited (GHL), the total receivable balance grew to USD 41 million, which includes USD 6 million payable by Peak Petroleum and USD 17.3 million of net amounts due from GHL (after netting advances, withholding tax and VAT)

Subsequent events

• Signed contract with EnQuest PLC for a drilling program in UK for Borgland Dolphin. Firm period of 137 days plus mobilisation plus significant optional periods to be confirmed within 90 days
• Signed LOA with Oil India Limited for a drilling program in India
• Dolphin obtained UK acceptance for Paul B. Loyd, Jr. Safety Case ahead of schedule. Closing of transaction now anticipated early in Qtr 1 2024
• Signed a term sheet for a USD 65 million Loan Facility with Maritime Asset Partners Ltd, expected to complete in conjunction with Paul B. Loyd, Jr acquisition
• The total Revenue backlog of USD 422 million, excluding option periods, effective on 30 November 28, 2023, including the contemplated acquisition of Paul B. Loyd, Jr. and Transocean Leader

Bjørnar Iversen, CEO of Dolphin Drilling commented:
“The company has made good progress adding contract revenue backlog following Euronext Growth listing in Q3 2022. As of the date of this report we have increased total firm revenue backlog to USD 422 million. Adding option periods, the revenue backlog increases to USD 941 million. We are pleased to have secured firm work for three of our drilling rigs including the to be acquired rig Paul B. Loyd, Jr., delivering on our promises to return more of our stacked rigs to work.”

KeyFacts Energy Industry Directory: Dolphin Drilling