Dolphin Geophysical has seen revenues rise in the third quarter to $128.5 million, versus the $70.1 million same period last year due to increased 3D vessel capacity.
Despite the challenging seismic market, the EBIT for the third quarter 2014 was $21.1 million (16,4%), compared to $17.4 million in Q3 2013. EBITDA was $38.2 million (29,7%) for the third quarter 2014 compared to $26.4 million in Q3 2013.
At the end of the third quarter 2014, Dolphin recorded net Income of $12.2 million, compared to $11.6 million in Q3 2013.
The company’s backlog has been strengthened with several contract awards, including the 16 Streamer 3D Seismic Gig in Kara Sea, providing Dolphin with a solid backlog that exceeds USD 340 million as of 1 November 2014.
In addition, Dolphin stated that the company maintains the original guidance to exceed USD 400 million in revenues for 2014. Revenues for the first nine months of the year were $309.7 million, compared to $207.7 million in the same period in 2013.
Atle Jacobsen, Dolphin Group CEO, commented: “I am very pleased to report record revenues and backlog for the second consecutive quarter. Our growing high-end 3D fleet is delivering according to our expectations and our customers are becoming increasingly aware of the Dolphin fleet’s ability to provide them with cost efficient services through our “powerful solutions” offering. In the quarter we continued to see the impact of a softer and more competitive market, particularly in the 2D and low-end 3D segment. This, together with low Multi-Client late sales, reduced our overall operational margins for the third quarter.
“The marine seismic industry will continue to face headwinds for the remaining part of 2014 and into the first part of 2015, however, Dolphin is cautiously optimistic that the increased seasonal demand combined with the effects of reduced supply will pave the way for a more balanced market for the high-end part of the seismic fleet from the second quarter of 2015.”