# 2026 Q2 Preliminary Earnings Report

- Press release: Dolphin Drilling AS: Second Quarter and First Half 2026 Results (2026-08-19)
- Original: https://storage.mfn.se/1231ce1e-6c44-43b2-bbdf-0fdb2b2051e9/2026-q2-preliminary-earnings-report.pdf
- Local copy: `data/documents/DDT/attachments/2026-08-19_2026-q2-preliminary-earnings-report.pdf`

**TL;DR —** Dolphin Drilling reported broadly stable Q2 2026 revenues of $44.9 million, a decrease in EBITDA to $7.0 million due to refinancing costs and Blackford Dolphin downtime, but significantly strengthened its financial position with a completed refinancing and extended contract backlog of $557 million firm and $446 million in options.

## Takeaways
- **Revenue:** Q2 2026 revenue was $44.9 million, broadly stable compared to $44.7 million in Q1 2026.
- **EBITDA:** Q2 2026 EBITDA decreased to $7.0 million from $8.3 million in Q1 2026, primarily due to refinancing costs and Blackford Dolphin downtime.
- **Operational Performance:** Paul B. Loyd, Jr. achieved 100% uptime and $16.2 million in revenue, while Blackford Dolphin had 90% uptime and $28.7 million in revenue, impacted by BOP-related issues.
- **Backlog:** Firm backlog stands at $557 million, with an additional $446 million in options, providing long-term earnings visibility.
- **Liquidity & Refinancing:** Cash and cash equivalents increased to $55.1 million, following a completed refinancing that included extended maturities, deferred 2026 amortization, and a $62.5 million equity raise.
- **Net Loss:** Net loss reduced to $2.3 million in Q2 2026 from $6.2 million in Q1 2026.

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