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Visual21 Nov 2025
Data center suppliers
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.Q2 2025 earnings summary29 Aug, 2025
Executive summary
Achieved a turnaround to positive EBITDA of $10.4 million in H1 2025, reversing a $23.2 million loss in H1 2024, with strong revenue growth and new leadership appointments.
Two rigs (PBLJ and Blackford) were continuously contracted, with high operational uptime (PBLJ up to 97.6%, Blackford up to 90%).
Major structural changes included new CEO, CFO, Chairman, new major investors, and a completed refinancing and equity raise.
Focused on operational efficiency, cost savings, and maintaining high rig uptime.
Net loss persisted in H1 2025 due to significant tax liabilities.
Financial highlights
H1 2025 revenues reached $93 million, with Q2 2025 revenue at $47.4 million, both substantially higher year-over-year.
Net loss for H1 2025 was $34.4 million, impacted by a $19.2 million HMRC tax claim; Q2 net loss was $26.2 million.
Ended Q2 with $21.8 million in cash, including $4 million restricted for contract support.
Net debt stood at $59.7 million as of June 2025, with significant refinancing activities post-quarter.
Q2 2025 EBITDA was $5.5 million, with improved EBITDA margin year-over-year.
Outlook and guidance
PBLJ undergoing Special Periodic Survey in Q3 2025, limiting revenue and likely resulting in negative cash flow for that rig.
New funding from refinancing in July 2025 supports liquidity and defers debt installments until October 2025.
Focus remains on reducing overhead, improving capital efficiency, and enhancing uptime.
Market demand for moored semisubmersible rigs is forecasted to grow through 2030, with day rates expected to rise.
The company is actively seeking new contracts for Borgland Dolphin and evaluating strategic growth initiatives.
Refinancing's effect on capital structure?
Borgland Dolphin's re-activation timeline?
Cash flow impact of HMRC tax case?
Funding plan for $20M tax liability?
Blackford rig cost and revenue improvement plan?
Borgland's path to contract and CapEx impairment.
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Next Dolphin Drilling earnings date
Q3 202528 Nov, 2025
Next Dolphin Drilling earnings date
Q3 202528 Nov, 2025
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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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