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 3.1% growth forecast for the Energy Services industry in Europe. New Risk • Jan 16
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €111.2k (US$129.1k) 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 (30% average weekly change). Shareholders have been substantially diluted in the past year (over 162x increase in shares outstanding). Market cap is less than US$10m (€111.2k market cap, or US$129.1k). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$1.6m net loss in 2 years). 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 Risks Shares are highly illiquid. 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). Market cap is less than US$100m (€38.5m market cap, or US$45.1m). Reported Earnings • Nov 30
Third quarter 2025 earnings released: US$0.06 loss per share (vs US$0.14 loss in 3Q 2024) Third quarter 2025 results: US$0.06 loss per share (improved from US$0.14 loss in 3Q 2024). Revenue: US$37.7m (up 129% from 3Q 2024). Net loss: US$18.2m (loss narrowed 40% from 3Q 2024). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 5.4%. New Risk • Nov 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 116% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 116% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (over 162x increase in shares outstanding). Minor Risk Market cap is less than US$100m (€38.3m market cap, or US$44.4m). Board Change • Nov 15
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Melissa Clare is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. 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 Shares are highly illiquid. 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). Market cap is less than US$100m (€27.6m market cap, or US$32.1m). Reported Earnings • Aug 31
Second quarter 2025 earnings released 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 is expected to decline by 7.9% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Europe are expected to grow by 5.2%. Board Change • Aug 11
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Melissa Clare is the most experienced director on the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Duyuru • 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. Duyuru • 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 Duyuru • 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 Duyuru • 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. Duyuru • Dec 30
Dolphin Drilling AS, Annual General Meeting, May 28, 2025 Dolphin Drilling AS, Annual General Meeting, May 28, 2025. Duyuru • 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. Board Change • Dec 06
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. 4 non-independent directors. Director Espen Fjermestad was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • 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. Board Change • Sep 23
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. 4 non-independent directors. Director Espen Fjermestad was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 03
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. 4 non-independent directors. Director Alf Løvdal was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • 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. 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 1.9% growth forecast for the Energy Services industry in Europe. Board Change • Feb 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. 4 non-independent directors. Director Alf Løvdal was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Jan 24
Dolphin Drilling AS, Annual General Meeting, May 31, 2024 Dolphin Drilling AS, Annual General Meeting, May 31, 2024. Duyuru • 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 Board Change • Dec 07
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. 4 non-independent directors. Director Alf Løvdal was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Oct 29
Dolphin Drilling AS to Report Q3, 2023 Results on Nov 28, 2023 Dolphin Drilling AS announced that they will report Q3, 2023 results on Nov 28, 2023 Duyuru • 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 Duyuru • 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. Duyuru • 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 Board Change • Aug 22
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Non Executive Director Julius Kling is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Duyuru • Dec 21
Dolphin Drilling AS to Report Q3, 2023 Results on Nov 07, 2023 Dolphin Drilling AS announced that they will report Q3, 2023 results on Nov 07, 2023