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Dolphin Drilling (DDRIL) investor relations material
Dolphin Drilling Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary28 Nov, 2025
Executive summary
Q3 2025 revenue reached USD 37.7 million, more than doubling from USD 16.5 million in Q3 2024, driven by higher rig activity and contract awards.
EBITDA loss of USD 4.7 million, mainly due to PBLJ's planned survey, but improved from a USD 22.1 million loss in Q3 2024.
Net loss narrowed to USD 18.2 million from USD 30.2 million year-over-year, reflecting improved operational performance and cost control.
Significant contract wins increased backlog to USD 264 million, with new awards and extensions for Borgland and Blackford Dolphin.
Cost control measures led to reductions in OPEX and G&A expenses, with main shareholder support through equity raise.
Financial highlights
Q3 2025 total revenue: USD 37.7 million, down from USD 47.4 million in Q2 2025, with most revenue from Blackford Dolphin.
Q3 EBITDA: loss of USD 4.7 million; Q3 net loss: USD 18.2 million or USD 0.06 per share.
Cash and cash equivalents at quarter-end: USD 32.8 million; net debt at USD 49.3 million.
Interest expense totaled USD 3.8 million, with an additional USD 2.2 million in refinancing costs.
Achieved material reductions in overhead and rig operating expenses.
Outlook and guidance
Strong contract backlog of USD 264 million firm and USD 353 million optional work, positioning for improved future revenue.
Borgland Dolphin to be reactivated for new contract, adding a revenue stream.
PBLJ's long-term contract and low OpEx expected to generate strong future cash flow.
Focus remains on adding contract backlog, improving cost efficiency, and evaluating strategic initiatives.
Rig utilization expected to improve in 2026, especially in deepwater markets, with cautious optimism for day rate increases.
Blackford SPS timing strategy
UK EPL impact on drilling activity
M&A criteria for strategic growth
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Next Dolphin Drilling earnings date
Q4 202525 Feb, 2026
Next Dolphin Drilling earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Dolphin Drilling AS is a Norwegian offshore drilling contractor that provides drilling services for the oil and gas industry, primarily in harsh environments. The company operates a fleet of semi-submersible drilling rigs designed for moored and mid-water operations. Its fleet includes several high-specification units, which are equipped for demanding offshore conditions. Dolphin Drilling is headquartered in Sandnes, Norway, and its shares are listed on the Oslo Stock Exchange.
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