Dolphin Drilling Q3 2025 financials show revenue up, rig survey impacts earnings

Dolphin Drilling AS reported preliminary Q3 2025 financial results showing revenue of $37.7 million, up from $16.5 million in Q3 2024. The company recorded an EBITDA loss of $4.7 million, an improvement from a $22.1 million loss in Q3 2024, impacted by planned out-of-service days for the Paul B. Loyd, Jr. (PBLJ) rig survey. Net earnings for the quarter were a loss of $18.2 million, or $0.06 per share. The PBLJ rig completed its 5-year survey within its $30 million capex budget, achieving 98.3% uptime while on contract, while the Blackford Dolphin maintained an average of 89.8% uptime.

Subsequent to the quarter, Dolphin Drilling secured $100 million in new contract awards, including $60 million for the Borgland Dolphin with Repsol SA and a $40 million extension for the Blackford Dolphin with Oil India, increasing its total revenue backlog to $264 million. The company also reached an agreement for its HMRC tax claim and successfully raised equity. These efforts highlight the company's focus on cost control, achieving reductions in OPEX and G&A, and leveraging its fleet for strategic growth.

As of September 30, 2025, Dolphin Drilling had $32.9 million in cash and cash equivalents, with total current assets at $110.4 million. Non-current assets increased to $104.7 million due to the PBLJ rig survey. Total current liabilities stood at $122.2 million, influenced by accounts payable related to the rig survey and increased accrued expenses.