Dolphin Drilling has published its preliminary financial results for the first half of 2025.
The company posted revenues of US$47.4 million in the second quarter of 2025, compared to US$19.9 million in Q2 2024. H1 revenues were US$93.0 million, up from US$30.0 million reported for H1 2024.
Gross operating profit in Q2 2025 totalled US$5.5 million, a significant improvement from an operating loss of US$6.3 million in Q2 2024. For H1 2025, gross operating profit was US$10.4 million compared to a loss of US$23.2 million in H1 2024.
The company reported a net loss of US$26.2 million or US$0.09 per share in the second quarter of 2025, due to recording a tax loss of US$19.2 million, compared to a loss of US$14.1 million or US$0.06 per share in Q2 2024. H1 2025 earnings per share were a loss of US$0.12, in comparison to a loss of US$0.11 in H1 2024.
Dolphin reported high utilisation for the rigs Paul B Loyd Jr and Blackford Dolphin, which are both on contract for the full quarter. Paul B Loyd Jr had an average uptime of 96.8 per cent while Blackfold Dolphin's was 89.8 per cent.
Utilisation for the two rigs in H1 2025 was 97.6 per cent and 86.3 per cent, respectively.