# Q1 26 Preliminary Earnings Report

- Press release: Dolphin Drilling AS Announces Financial Results for the First Quarter 2026 (2026-05-29)
- Original: https://storage.mfn.se/01c2478b-3d74-4f8e-a469-81529c23694a/q1-26-preliminary-earnings-report.pdf
- Local copy: `data/documents/DDT/attachments/2026-05-29_q1-26-preliminary-earnings-report.pdf`

**TL;DR —** Dolphin Drilling reported Q1 2026 revenues of $44.7 million and adjusted EBITDA of $8.6 million, with strong operational uptime and significant backlog visibility of $362 million firm plus $818 million in LOIs and options, supported by a post-quarter $62.5 million equity raise and debt maturity extensions.

## Takeaways
- **Revenues:** Q1 2026 revenues were $44.7 million, broadly stable compared to $47.0 million in Q4 2025.
- **Adjusted EBITDA:** Adjusted EBITDA increased to $8.6 million in Q1 2026 from $8.2 million in Q4 2025.
- **Operational Performance:** Paul B. Loyd, Jr. achieved 99.3% uptime, and Blackford Dolphin's utilization improved to 92.0%.
- **Backlog & Visibility:** The company has a firm backlog of $362 million, complemented by $818 million in Letters of Intent and options.
- **Liquidity & Debt:** A $62.5 million equity raise was completed post-quarter, and debt maturities were extended to March 2028.
- **Net Loss:** The net loss for Q1 2026 was $6.2 million, an improvement year-on-year despite higher financing costs.

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