# 20260529 Q1 2026 DDRIL Audiocast

- Press release: Dolphin Drilling AS Announces Financial Results for the First Quarter 2026 (2026-05-29)
- Original: https://storage.mfn.se/2226202e-11f4-4fa0-afc6-0ab72f5fd0c0/20260529-q1-2026-ddril-audiocast.pdf
- Local copy: `data/documents/DDT/attachments/2026-05-29_20260529-q1-2026-ddril-audiocast.pdf`

**TL;DR —** Dolphin Drilling reported a Q1 2026 adjusted EBITDA of $8.6 million, secured significant contract backlog extensions for all three rigs totaling $362 million firm and $818 million in options/LOIs, and strengthened its financial position with a $62.5 million equity raise.

## Takeaways
- **Adjusted EBITDA:** Q1 2026 adjusted EBITDA was $8.6 million, up from $8.2 million in Q4 2025.
- **Total Revenue:** Q1 2026 total revenue was $44.7 million, slightly down from $47.0 million QoQ due to fewer operating days.
- **Contract Backlog:** Firm revenue backlog increased to $362 million, with an additional $818 million in options and Letters of Intent (LOIs).
- **Paul B. Loyd Jr.:** Contracted until September 2030 in the UK with Harbour Energy, contributing to a firm revenue backlog of $262 million.
- **Borgland Dolphin:** Secured a Letter of Intent for an estimated 4.5 years plus 5-year option periods, with a revenue backlog (including LOIs) of $305 million.
- **Equity Raise:** A $62.5 million equity raise post-period strengthened the cash position to $22.4 million and reduced current liabilities.

*Generated 2026-09-08 via google/gemini-2.5-flash*