Breakeven Date Change • Mar 31
Forecast to breakeven in 2027 The 2 analysts covering Dolphin Drilling expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 82% to 2026. The company is expected to make a profit of US$46.0m in 2027. Average annual earnings growth of 136% is required to achieve expected profit on schedule. Reported Earnings • Mar 05
Full year 2025 earnings released: US$30.00 loss per share (vs US$113 loss in FY 2024) Full year 2025 results: US$30.00 loss per share (improved from US$113 loss in FY 2024). Revenue: US$177.7m (up 84% from FY 2024). Net loss: US$54.2m (loss narrowed 46% from FY 2024). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Energy Services industry in Norway. Major Estimate Revision • Feb 13
Consensus revenue estimates increase by 13% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$144.6m to US$162.8m. EPS estimate unchanged from US$0 at last update. Energy Services industry in Norway expected to see average net income growth of 21% next year. Consensus price target of kr2.87 unchanged from last update. Share price fell 2.8% to kr2.40 over the past week. New Risk • Jan 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr1.31m (US$129.5k) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (over 162x increase in shares outstanding). Market cap is less than US$10m (kr1.31m market cap, or US$129.5k). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$1.6m net loss in 2 years). Share price has been volatile over the past 3 months (7.2% average weekly change). New Risk • Jan 02
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$92m Forecast net loss in 2 years: US$1.6m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (over 162x increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$1.6m net loss in 2 years). Share price has been volatile over the past 3 months (8.5% average weekly change). Market cap is less than US$100m (kr430.0m market cap, or US$42.7m). Reported Earnings • Nov 29
Third quarter 2025 earnings: Revenues miss analyst expectations Third quarter 2025 results: Revenue: US$37.7m (up 7.0% from 3Q 2024). Net loss: US$18.2m (loss narrowed 48% from 3Q 2024). Revenue missed analyst estimates by 19%. Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Norway are expected to grow by 9.4%. New Risk • Sep 03
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$31m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Shareholders have been substantially diluted in the past year (over 109x increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$31m). Currently unprofitable and not forecast to become profitable over next 2 years (US$438k net loss in 2 years). Market cap is less than US$100m (kr322.0m market cap, or US$32.1m). Reported Earnings • Aug 31
Second quarter 2025 earnings: Revenues miss analyst expectations Second quarter 2025 results: Revenue: US$47.4m (up 369% from 2Q 2024). Net loss: US$26.2m (loss widened 56% from 2Q 2024). Revenue missed analyst estimates by 8.3%. Revenue is expected to decline by 7.9% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Norway are expected to grow by 8.1%. New Risk • Aug 22
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$51m Forecast net loss in 2 years: US$309k This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (40% average weekly change). Shareholders have been substantially diluted in the past year (over 109x increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$309k net loss in 2 years). Market cap is less than US$100m (kr222.2m market cap, or US$21.7m). Major Estimate Revision • Jul 31
Consensus revenue estimates increase by 23% The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from US$152.2m to US$187.2m. EPS estimate unchanged at US$0.079. Net income forecast to grow 97% next year vs 22% growth forecast for Energy Services industry in Norway. Consensus price target up from kr3.57 to kr4.09. Share price fell 13% to kr0.0092 over the past week. New Risk • Jul 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 101x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (46% average weekly change). Shareholders have been substantially diluted in the past year (over 101x increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr321.6m market cap, or US$31.8m). Announcement • Jun 21
Dolphin Drilling AS Auditor Raises 'Going Concern' Doubt Dolphin Drilling AS filed its Annual on Jun 19, 2025 for the period ending Dec 31, 2024. In this report its auditor, KPMG LLP - Klynveld Peat Marwick Goerdeler, gave an unqualified opinion expressing doubt that the company can continue as a going concern. Reported Earnings • May 31
First quarter 2025 earnings released First quarter 2025 results: Revenue: US$45.6m (up 352% from 1Q 2024). Net loss: US$8.20m (loss narrowed 51% from 1Q 2024). Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Energy Services industry in Norway. New Risk • May 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr29.5m (US$2.89m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (38% average weekly change). Market cap is less than US$10m (kr29.5m market cap, or US$2.89m). Announcement • May 31
Dolphin Drilling AS has completed a Follow-on Equity Offering in the amount of NOK 297.6444 million. Dolphin Drilling AS has completed a Follow-on Equity Offering in the amount of NOK 297.6444 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 29,764,440,000
Price\Range: NOK 0.01
Transaction Features: Subsequent Direct Listing New Risk • Mar 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr402.8m market cap, or US$36.4m). Announcement • Mar 05
Dolphin Drilling AS has filed a Follow-on Equity Offering. Dolphin Drilling AS has filed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 59,951,404
Transaction Features: Subsequent Direct Listing Announcement • Mar 02
Stephen Cox to Resign as Chief Financial Officer of Dolphin Drilling AS Dolphin Drilling AS announced the decision by Chief Financial Officer Stephen Cox to resign from his position to pursue opportunities outside of the company. Mr. Cox will remain in the CFO position until mid-year 2025 and the company has commenced the recruitment process. Reported Earnings • Feb 26
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: US$93.0m (up 27% from FY 2023). Net loss: US$59.6m (loss widened 36% from FY 2023). Revenue exceeded analyst estimates by 25%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Energy Services industry in Norway. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (kr1.02b market cap, or US$90.0m). Announcement • Dec 30
Dolphin Drilling AS, Annual General Meeting, May 28, 2025 Dolphin Drilling AS, Annual General Meeting, May 28, 2025. Announcement • Dec 19
Dolphin Drilling AS Approves Board Elections Dolphin Drilling AS at its EGM held on December 19, 2024 approved election of Linn Katrine Høie and Melissa Clare as new board members. The Board shall after this consist of the following persons: Martin Nes, Chair, Alf Ragnar Løvdal, board member, Paul James Marchand, board member, Linn Katrine Høie, board member and Melissa Clare, board member. Announcement • Dec 04
Dolphin Drilling AS Announces Stepdown of Espen Landmark Fjermestad as Board Member Dolphin Drilling AS announced that Espen Landmark Fjermestad steps down as board member, at the EGM to be held on December 19, 2024. Major Estimate Revision • Dec 02
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$75.6m to US$74.3m. Losses expected to increase from US$0.16 per share to US$0.19. Energy Services industry in Norway expected to see average net income growth of 75% next year. Consensus price target down from kr4.24 to kr3.98. Share price fell 11% to kr3.40 over the past week. New Risk • Nov 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.11b (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (kr1.11b market cap, or US$100.0m). New Risk • Sep 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.00b (US$92.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Shareholders have been diluted in the past year (40% increase in shares outstanding). Market cap is less than US$100m (kr1.00b market cap, or US$92.2m). Major Estimate Revision • Sep 03
Consensus revenue estimates fall by 27% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$89.8m to US$65.6m. Forecast losses increased from -US$0.121 to -US$0.183 per share. Energy Services industry in Norway expected to see average net income growth of 51% next year. Consensus price target of kr6.56 unchanged from last update. Share price fell 2.2% to kr4.05 over the past week. Major Estimate Revision • Jun 13
Consensus estimates of losses per share improve by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from US$82.2m to US$89.3m. EPS estimate increased from -US$0.151 per share to -US$0.121 per share. Energy Services industry in Norway expected to see average net income growth of 50% next year. Consensus price target down from kr5.88 to kr4.95. Share price rose 2.9% to kr4.23 over the past week. Announcement • Jun 01
Dolphin Drilling as Announces Board Changes Dolphin Drilling AS announced at annual general meeting held on May 31, 2024, the shareholders elected Espen Landmark Fjermestad as board member in replacement for Øystein Stray Spetalen. The Board of Directors shall after this consist of the ollowing persons: Martin Nes, Chair; Alf Ragnar Løvdal, board member; Paul Marchand, board member; Espen Fjermestad, board member. New Risk • May 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (135% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Reported Earnings • May 30
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: US$0.076 loss per share (improved from US$0.15 loss in 1Q 2023). Revenue: US$10.1m (up US$9.70m from 1Q 2023). Net loss: US$16.8m (loss narrowed 7.7% from 1Q 2023). Revenue missed analyst estimates by 68%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Energy Services industry in Norway. Major Estimate Revision • May 23
Consensus EPS estimates increase by 1,009% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.0023 to US$0.0254. Revenue forecast steady at US$120.2m. Net income forecast to grow 98% next year vs 78% growth forecast for Energy Services industry in Norway. Consensus price target down from kr9.74 to kr7.08. Share price fell 16% to kr4.80 over the past week. Reported Earnings • Feb 27
Full year 2023 earnings released: US$0.033 loss per share (vs US$1.12 loss in FY 2022) Full year 2023 results: US$0.033 loss per share (improved from US$1.12 loss in FY 2022). Revenue: US$71.3m (up 239% from FY 2022). Net loss: US$7.20m (loss narrowed 90% from FY 2022). Revenue is forecast to grow 33% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Energy Services industry in Norway. New Risk • Feb 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 7.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (77% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Announcement • Jan 24
Dolphin Drilling AS, Annual General Meeting, May 31, 2024 Dolphin Drilling AS, Annual General Meeting, May 31, 2024. Announcement • Jan 23
Dolphin Drilling AS to Report Fiscal Year 2023 Final Results on Apr 24, 2024 Dolphin Drilling AS announced that they will report fiscal year 2023 final results on Apr 24, 2024 Major Estimate Revision • Nov 29
Consensus estimates of losses per share improve by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from US$68.7m to US$70.8m. EPS estimate increased from -US$0.135 per share to -US$0.115 per share. Energy Services industry in Norway expected to see average net income growth of 39% next year. Consensus price target down from kr16.01 to kr14.64. Share price fell 8.2% to kr9.00 over the past week. Announcement • Oct 28
Dolphin Drilling AS to Report Q4, 2023 Results on Feb 27, 2024 Dolphin Drilling AS announced that they will report Q4, 2023 results on Feb 27, 2024 Announcement • Oct 19
Dolphin Drilling AS Announces Changes to the Board of Directors The Board of Dolphin Drilling AS has been informed that board member Julius Adrian Kling has resigned from his position with the Company's shareholder, Strategic Value Partners (SVP), and will therefore with immediate effect step down from his position as a board member in the Company. Major Estimate Revision • Sep 21
Consensus revenue estimates fall by 33% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$101.6m to US$67.8m. Forecast losses increased from -US$0.11 to -US$0.135 per share. Energy Services industry in Norway expected to see average net income growth of 37% next year. Consensus price target down from kr21.93 to kr15.87. Share price fell 6.7% to kr10.10 over the past week. Announcement • Sep 15
Dolphin Drilling AS has completed a Follow-on Equity Offering in the amount of NOK 83.25 million. Dolphin Drilling AS has completed a Follow-on Equity Offering in the amount of NOK 83.25 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 11,100,000
Price\Range: NOK 7.5
Transaction Features: Rights Offering; Rule 144A New Risk • Aug 22
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: US$68m Forecast net loss in 1 year: US$19m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$19m net loss next year). New Risk • Jul 28
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. New Risk • Jun 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Norwegian stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Jun 24
Dolphin Drilling AS announced that it has received NOK 633.534 million in funding from Strategic Value Partners, LLC, S.D. Standard ETC Plc Dolphin Drilling AS announced a private placement of 84,471,200 Offer Shares at a subscription price of NOK 7.50 per offer share for the gross proceeds of NOK 633,534,000 on June 22, 2023. The transaction included participation from new investor Strategic Value Partners, LLC for NOK 140,990,000 and returning investor S.D. Standard ETC Plc for NOK 75,920,000. The transaction is subject to approval of extraordinary general meeting of the company. Breakeven Date Change • May 22
Forecast breakeven date moved forward to 2023 The 2 analysts covering Dolphin Drilling previously expected the company to break even in 2024. New consensus forecast suggests the company will make a profit of US$1.36m in 2023. Earnings growth of 95% is required to achieve expected profit on schedule. Recent Insider Transactions • Nov 18
Chief Operating Officer recently sold kr1.6m worth of stock On the 16th of November, Johan Finnestad sold around 110k shares on-market at roughly kr14.75 per share. This transaction amounted to 49% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Johan's only on-market trade for the last 12 months. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Oystein Spetalen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Oystein Spetalen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 22
Dolphin Drilling ASA Ordinary Shares to Be Deleted from OTC Equity Dolphin Drilling ASA Ordinary Shares will be deleted from OTC Equity effective from October 24, 2022, due to Inactive Security. Announcement • Oct 11
Dolphin Drilling ASA, Annual General Meeting, May 31, 2023 Dolphin Drilling ASA, Annual General Meeting, May 31, 2023.