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Dolphin Drilling
Dolphin Drilling (DDRIL) investor relations material
Dolphin Drilling Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Q4 2025 saw significant operational and financial improvements, with EBITDA reaching $8.2 million and revenues rising to $47 million, supported by two rigs on contract for the full period and strong rig uptime.
Secured $100 million in new contract backlog in Q4, bringing total firm backlog to $216 million and options to $353 million, with all three rigs under contract.
Leadership transition occurred at the end of the quarter, with a new CEO appointed.
Equity raises of approximately $15 million and NOK 151 million were completed in late 2025, strengthening the cash position.
Full-year 2025 revenues were $177.7 million, a significant increase from $96.5 million in 2024.
Financial highlights
Q4 2025 EBITDA reached $8.2 million, reversing a Q3 loss of $4.7 million.
Revenues increased to $47 million in Q4, up from $37.7 million in Q3.
Net income for Q4 2025 was $2.3 million, compared to a loss of $1.4 million in Q3; full-year net loss was $54.2 million, impacted by a legacy tax claim.
Rig operating costs and G&A expenses were reduced quarter-on-quarter, including a $1 million one-off reduction from legacy cost and tax estimate revisions.
Cash and cash equivalents at year-end were $30.5 million, with accounts receivable at $23.4 million and inventory at $25 million.
Outlook and guidance
Focus on increasing contract backlog, maintaining a reduced cost base, and delivering safe, efficient operations to create a stable platform for growth through 2026 and beyond.
Borgland Dolphin scheduled to return to work later in 2026, expected to further improve financial position.
Market expected to tighten from H2 2026 into 2027, especially in deepwater, with day rates for moored units expected to remain flat short-term.
Growth opportunities identified in Africa, Asia, and potentially the North Sea.
Plans for selective financing to support the 2026 investment program.
IFRS 9 debt modification accounting impact
Rig asset impairment review findings
How will 2026 positioning impact rates?
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Next Dolphin Drilling earnings date
Q1 202629 May, 2026
Dolphin Drilling
Next Dolphin Drilling earnings date
Q1 202629 May, 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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