Oslo, 19 August 2026, Dolphin Drilling AS ("Dolphin Drilling" or the "Company", OSE: DDRIL) today announced its financial results for the second quarter and first half of 2026.
The second quarter represented a significant step forward in Dolphin Drilling’s repositioning, with increased long-term contract coverage, continued strong safety and operational performance and a completed refinancing materially strengthening earnings visibility, liquidity and financial flexibility.
Highlights
- Total revenue of USD 44.9 million in the second quarter (Q2 2025: USD 47.4 million) and USD 89.6 million for the first half (1H 2025: USD 93.0 million)
- EBITDA of USD 7.0 million in the quarter (Q2 2025: USD 5.5 million) and USD 15.3 million for the first half (1H 2025: USD 10.4 million), an increase of approximately 47 per cent year on year
- Total operating expenses reduced to USD 32.7 million in the second quarter from USD 36.2 million year on year; underlying G&A of USD 4.3 million
- Multi-year contract awards secured for Paul B. Loyd Jr. and Borgland Dolphin, extending fleet contract coverage to 2030 and 2031 respectively
- Firm revenue contract backlog of USD 557 million as at 30 June 2026, with a further USD 446 million in options
- Cash of USD 55.1 million at quarter end (31 December 2025: USD 30.5 million)
- Paul B. Loyd Jr. achieved 99.8 per cent uptime and Blackford Dolphin 90.2 per cent uptime in the quarter; the Company passed 1,000 days lost-time-injury free on Blackford Dolphin
Chief Executive Officer commentary
"This quarter marks a structural change in Dolphin Drilling's position and further demonstrates our ability to deliver on our goals and objective with strong operational performance, good cost discipline and excellent contract backlog all evident." said Michael Boyd, Chief Executive Officer.
"The two multi-year awards secured for Paul B. Loyd Jr. and Borgland Dolphin transform our revenue outlook, extending contracted backlog across the latter half of the decade. Combined with the equity raise completed in May, we now have both the earnings visibility and the financial flexibility to execute the Borgland reactivation and capitalise on growth opportunities in an increasingly supply-constrained market, where fewer than 15 moored semi-submersibles are currently marketed worldwide.
Financial review
Revenue for the quarter comprised charter revenue of USD 34.4 million and other revenue of USD 10.5 million. The year-on-year movement reflects lower mobilisation revenues and the commencement in May of the new multi-year contract for Paul B. Loyd Jr., which secures long-term earnings visibility at a reduced dayrate. Borgland Dolphin was in lay-up and undergoing reactivation preparation throughout the period and contributed no charter revenue.
Rig operating expenses were USD 21.1 million, project costs USD 9.2 million and lay-up expense USD 2.4 million. Daily operating costs averaged USD 90,000 for Paul B. Loyd Jr. and USD 143,000 for Blackford Dolphin, both marginally improved on the prior quarter. Borgland Dolphin stacking costs of USD 26,000 per day marginally increased as planned due to the commencement of reactivation and class renewal preparation.
Net financial items represented a cost of USD 4.5 million, compared with USD 10.8 million in the corresponding quarter, comprising interest expense of USD 3.5 million and non-recurring refinancing fees of USD 3.5 million, partially offset by a positive foreign exchange movement of USD 2.5 million.
Cash at 30 June 2026 was USD 55.1 million, of which USD 4.1 million was restricted in support of a performance bond on an ongoing contract. Capital expenditure was USD 0.9 million in the quarter and USD 2.1 million for the first half. Interest-bearing debt comprises a current portion of USD 19.7 million, relating to monthly repayments commencing January 2027, and a non-current portion of USD 67.3 million representing the loan facility and a bond with maturity extended to March 2028.
Operational and company update
Paul B. Loyd Jr. is contracted to September 2030 with a firm revenue backlog of USD 247 million, operating offshore UK with Harbour Energy and currently on sublet to Ithaca Energy. Its special periodic survey was completed in September 2025, with limited investment planned over the coming four years. The client has an option at the end of the existing firm contract to either continue with a 2-year contract, or a 5-year contract, both at fixed dayrates.
Borgland Dolphin is contracted to November 2031 with a firm revenue backlog of USD 291 million and five years of options thereafter estimated at USD 287 million. The rig is expected to complete its class renewal by November 2026, with remaining survey capital expenditure budgeted at USD 12 million, ahead of operations offshore Spain and subsequently offshore UK.
Blackford Dolphin continues its three-well exploration campaign for Oil India Ltd in the Andaman Sea, India. The Company is in active dialogue regarding follow-on work and other prospects across several regions. The rig's next required class renewal falls due in April 2027.
Dolphin Drilling continues to evaluate strategic initiatives aimed at enhancing long‑term shareholder value. The Company is currently engaged in preliminary, non‑binding discussions concerning certain organic growth opportunities as well as potential business combinations.
Market outlook
The Company continues to see structural demand support for moored semi-submersibles in mature basins, underpinned by rising global energy investment, a substantial and non-discretionary UK plug and abandonment programme with a large number of wells still requiring decommissioning, and improving exploration economics. Set against this, the marketed global fleet of standard moored semi-submersibles has declined from approximately 140 units in 2010 to fewer than 15 units today.
Presentation and webcast
Dolphin Drilling will present its second quarter 2026 results today, 19 August 2026, at 15:00 CET. The presentation will be held by Chief Executive Officer Michael Boyd and Chief Financial Officer Ingolf Gillesdal. The quarterly report and presentation materials are attached to this announcement and available at The offshore drilling pioneer - Dolphin Drilling.
For further information, please contact:
Ingolf Gillesdal, Chief Financial Officer ingolf.gillesdal@dolphindrilling.com | +47 92 04 53 20
About Dolphin Drilling
Dolphin Drilling AS, headquartered in Aberdeen, UK, is an owner and operator of a fleet of harsh environment mid-water & deep-water semisubmersible drilling rigs, capable of working worldwide. The company is listed in Oslo.