DDT Dolphin Drilling

Offshore · Semisub · 50 documents

Dolphin Drilling's 3-vessel offshore fleet should earn about $126,007 a day in 2026Q3.

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.

Latest rates

Class	Company earned	Booked 2026Q3	Market now	8 weeks
Semisub · 3	$126,0072026Q2 · fleet avg	—none printed	—no open $/day series

Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates every day is at your rate

Semisub 276 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for semisub: no off-hire or drydock days are deducted there.

276

By class

Class	Days	Model $/day	Yours $/day
Semisub	276	126,007	126,007

Fleet TCE, $/day assumed

126,007

Revenue (TCE basis), $m assumed

Vessel-days × fleet TCE.

34.8

Vessel opex, $m assumed

2026Q2: $23.5m over 276 vessel-days, held per day. Source (2026Q2)

(23.5)

G&A, $m assumed

2026Q2: $5.2m over 276 vessel-days, held per day. Source (2026Q2)

(5.2)

EBITDA, $m assumed

6.1

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

2026Q3: $3.5m over 276 vessel-days, held per day.

(3.5)

Scheduled debt amortisation, $m stated

2026Q4: $0.0m over 276 vessel-days, held per day (the issuer’s scheduled principal).

0.0

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day assumed

Σ cash costs above ÷ vessel-days.

116,667

Cushion vs fleet TCE, $/day

9,340

Free cash flow to equity, $m assumed

Revenue − cash costs: the cash available for distribution.

2.6

Capex (memo), $m

As reported for 2026Q2. Not deducted: the model’s cash is opex, G&A, interest and scheduled principal. Source (2026Q2)

(0.9)

Dividend policy

No stated payout policy on file.

Output	Model	Your scenario	Δ
Estimated DPS, $/share	—
Forward yield, run-rate %	—

Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $0.18 close on 2026-10-19.

No dividend is modelled for 2026Q3: the company states no payout policy and no declared distributions are on file.

Showing the model’s own figures. Setting your own rates needs JavaScript.

Why no forward dividend next step: payout behaviour

This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: the company states no payout policy and no declared distributions are on file. A stated payout policy — or enough declared distributions to fit one — unblocks it.

What is on file:

3-vessel fleet —
realized fleet TCE of $126,007/day in 2026Q2

Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.

Market context — rates, the dividend, and the price

Fleet rate

Realized fleet TCEModel

forecast →

$0k

$100k

$200k

2025Q1

2025Q2

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

Reported fleet TCE. This company declares no dividend, so there is nothing to pay out against it.

How we got the number

How to read this page

Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →

Where DDT departs from that

No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$126,007/d

ASSUMED

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$126,007/d 2026Q2

Declared DPS

—

TTM DPS

—

Coverage

—

Revenue

$44.9M

Opex

$23.5M

Net income

−$2.3M

3× semisub current

Revenue model track record model vs realized

Each quarter priced at the previous quarter's realized rate, held flat — the figure the model holds once that quarter is reported — against the rate the fleet actually realized. Average miss 14.4% over 5 backtested quarters.

Quarter	Record	Model $/day	Realized $/day	Model rev $M	Realized rev $M	Miss
2025Q2	backtest	126,667	131,136	34.6	35.8	-3.4%
2025Q3	backtest	131,136	93,116	36.2	25.7	+40.8%
2025Q4	backtest	93,116	127,174	25.7	35.1	-26.8%
2026Q1	backtest	127,174	127,037	34.3	34.3	+0.1%
2026Q2	backtest	127,037	126,007	34.7	34.4	+0.8%

Backtest rows apply today's rule to past quarters using only the prior quarters' reported rates; live rows are the forecast as frozen on the date shown. Revenue is rate × vessel-days, so a miss here is a rate miss.

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
Semisub	3	—	—	—	—	—	126,007	—	34.8
Total	3						126,007	—	34.8

Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.

Revenue if rates hold

$34.8M

Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.

Expected DPS suppressed: no verbatim payout policy located in the corpus — the cash walk cannot derive a DPS without a payout policy.

Expected DPS suppressed: no verbatim payout policy located in the corpus.

Model gaps & assumptions

semisub: no index and no guidance — priced at the issuer's own last realized fleet rate $126,007/day (2026Q2, derived: revenue per vessel-day — 34.4m / (3 x 91)), held flat (owner ruling 2026-09-26) · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS chain unscoreable — missing: payout ratio (no quantified policy, no payout multiple in the quarter files)

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
Revenue	$44.9M	$44.7M	-5.3%
Opex	$23.5M	$32.2M	-35.1%
Net income	−$2.3M	−$6.2M	n/m

Full P&L grid — 6 quarters

Line item	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1
Revenue $M	44.9	44.7	47.0	37.7	47.4	45.6
Voyage expenses $M	—	—	—	—	—	—
Vessel opex $M	23.5	32.2	36.0	38.4	36.2	35.5
G&A $M	5.2	4.2	2.7	4.0	5.6	5.2
Depreciation $M	—	—	—	—	—	—
Interest expense, gross $M	3.5	—	—	—	—	—
Net income $M	−2.3	−6.2	−1.6	−18.2	−26.2	−8.2
Declared DPS	—	—	—	—	—	—

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Benchmark index — monthly average

Rig fleet status

Rig	Class	Dayrate $/day	Contracted to	Source
Paul B. Loyd, Jr	semisub	—	2030-09	print
Blackford Dolphin	semisub	—	2026-10	print
Borgland Dolphin	semisub	—	2031-11	print

Quarter	Backlog $M	Utilization
2026Q1	$362M	—
2026Q2	$557M	—

Guidance & sources

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q3	Dolphin Drilling AS: Second Quarter and First …	Dolphin Drilling AS: Investor Presentation at …, Dolphin Drilling - Presentation of Q2 and Half…	—	Dolphin Drilling AS: Update on arbitration awa…, Dolphin Drilling: Blackford Dolphin Contract E…, DDRIL: Financial calendar, Dolphin Drilling AS Mandatory notification of …, Dolphin Drilling: Blackford Dolphin Contract E…
2026Q2	Dolphin Drilling AS Announces Financial Result…, Dolphin Drilling AS - Integrated Annual Report…	Dolphin Drilling - Presentation of Q1 2026 fin…	—	DOLPHIN DRILLING AS ANNUAL GENERAL MEETING HEL…, Dolphin Drilling: Signs Multi-Year Contract fo…, Dolphin Drilling AS Notice of annual general m…, DOLPHIN DRILLING CONTRACT UPDATES, Dolphin Drilling AS New share capital register…, Dolphin Drilling AS – Board resolutions to inc…, Dolphin Drilling AS New share capital register…, DOLPHIN DRILLING AS EXTRAORDINARY GENERAL MEET…, DOLPHIN DRILLING AS - NOTICE OF EXTRAORDINARY …, DOLPHIN DRILLING AS – SUCCESSFUL COMPLETION OF…, DOLPHIN DRILLING AS – CONTEMPLATED PRIVATE PLA…, Dolphin Drilling: Signs Letter of Intent for B…, Dolphin Drilling: Signs Letter of Intent for P…
2026Q1	Dolphin Drilling AS Announces Financial Result…	Dolphin Drilling AS: Investor Presentation at …, Dolphin Drilling - Presentation of Q4 2025 fin…, Dolphin Drilling AS: Investor Presentation at …	—	Dolphin Drilling and Vantris have entered into…, DDRIL: Dolphin Drilling AS Ex. date reverse …, Dolphin Drilling AS – Ex. date reverse share s…, Dolphin Drilling AS – New share capital and re…, Dolphin Drilling AS – Resolution to increase s…, Dolphin Drilling AS – Key information relating…
2025Q4	Dolphin Drilling AS Announces Financial Result…	Dolphin Drilling - Presentation of Q3 2025 fin…	—	Dolphin Drilling AS – Mandatory notification o…, DDRIL: Financial calendar, Dolphin Drilling: Change of CEO, Dolphin Drilling AS – New share capital regist…, Correction: Dolphin Drilling AS – Board resolu…, Dolphin Drilling AS – Board resolution to incr…, Dolphin Drilling AS – New share capital regist…, DDRIL: Dolphin Drilling AS Notification of m…, Dolphin Drilling AS – Notification of major sh…, DOLPHIN DRILLING AS – EXTRAORDINARY GENERAL ME…, Dolphin Drilling AS – amendment to bond, Dolphin Drilling: Blackford contract extended, DOLPHIN DRILLING AS – NOTICE OF EXTRAORDINARY …, DOLPHIN DRILLING AS – COMPLETION OF FULLY UNDE…