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Dolphin Drilling (DDRIL) investor relations material
Dolphin Drilling Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved a turnaround in H1 2025 with positive EBITDA of $10.4M, reversing a $23.2M loss in H1 2024, and strong revenue growth to $93M.
Major leadership changes included new CEO, CFO, and Chairman, alongside new major investors and board restructuring.
Two rigs were contracted for the full period, with high operational uptime: PBLJ at 96.8–97.6% and Blackford at 86.3–89.8%.
Structural changes included financial restructuring, successful refinancing, and equity raise, positioning the company for improved performance.
Net loss persisted in H1 2025, mainly due to a $19.2M tax claim and higher costs.
Financial highlights
H1 2025 revenues reached $93M, more than doubling year-over-year; Q2 2025 revenue was $47.4M.
EBITDA for H1 2025 was $10.4M, with Q2 EBITDA at $5.5M; both improved significantly from prior losses.
Net loss for H1 2025 was $34.4M, impacted by a $19.2M tax claim; Q2 net loss was $26.2M.
Cash and cash equivalents at end Q2 2025 were $17.8M, with $4M restricted; net debt stood at $59.7M.
Operating cash flow was negative at $13.2M, with accounts receivable at $16.2M as of June 2025.
Outlook and guidance
PBLJ rig undergoing Special Periodic Survey in Q3, limiting revenue and causing negative cash flow for the period.
Overhead cost reductions targeted for Q4 as efficiency measures take effect.
Industry sentiment for moored semisubmersibles is optimistic, with day rates expected to rise due to supply constraints.
Company is actively seeking new contracts for Borgland and evaluating strategic growth initiatives.
Market demand for moored semisubmersible rigs forecasted to grow through 2030.
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