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Annual Report 2018 2

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Annual Report 2018 2 Contents A Brief Presentation 3 Fleet Overview 4 Financial Summary 2014-2018 6 Board of Director’s Report 2018 7 Directors’ Responsibility Statement 12 Accounts Dolphin Drilling Group 13 Accounts Dolphin Drilling ASA 49 Consolidated Statement of Income 13 Income Statement 49 Consolidated Statement of Comprehensive Income 14 Balance Sheet 50 Consolidated Statement of Financial Position 15 Statement of Cash Flows 51 Consolidated Statement of Changes in Equity 17 Consolidated Statement of Cash Flows 18 Notes to the Financial Statements 52 Note 1 - Basis of presentation 52 Notes to the Consolidated Financial Statements 19 Note 2 - Summary of significant Note 1 - Principal accounting policies 19 accounting policies 52 Note 2 - Revenues 21 Note 3 - Salaries and other personnel costs 53 Note 3 - Segment reporting 22 Note 4 - Other operating expenses 55 Note 4 - Salaries and other personnel costs 23 Note 5 - Financial income and expenses 55 Note 5 - Other operating expenses 24 Note 6 - Taxes 56 Note 6 - Net financial expenses 25 Note 7 - Property, plant and equipment 57 Note 7 - Income tax expenses 26 Note 8 - Shares in subsidiaries and other equity investments 57 Note 8 - Property, plant and equipment 27 Note 9 - Other non-current assets 58 Note 9 - Deferred tax assets and liabilities 31 Note 10 - Trade and other receivables 58 Note 10 - Cash and cash equivalents 31 Note 11 - Cash and cash equivalents 58 Note 11 - Capital and reserves 32 Note 12 - Capital and reserves 58 Note 12 - Interest-bearing loans and borrowings 32 Note 13 - Interest-bearing loans and Note 13 - Financial risk management 33 borrowings / Mortgages 59 Note 14 - Mortgages and guarantees 37 Note 14 - Trade and other payables 59 Note 15 - Employee benefits 38 Note 15 - Other accrued expenses 59 Note 16 - Rental & Leases 42 Note 16 - Related parties 60 Note 17 - Related parties 43 Note 18 - Contingencies 45 Note 19 - Shareholder information 45 Note 20 - Earnings per share 46 Note 21 - Subsidiaries 47 Auditor’s Report 61 Note 22 - Subsequent events 47 Corporate Governance 65 Corporate Social Responsibility Reporting 70 Definitions of Non-IFRS financial measures 48 Addresses 72 2 Dolphin Drilling ASA - Annual Report 2018 3 A Brief Presentation Dolphin Drilling ASA is listed on Oslo Stock Exchange and is a provider of exploration and development services to the oil and gas industry. The Company is based on more than 50 years in offshore drilling, and provides competitive solutions to the benefit of its customers, employees and shareholders. 4 Offices Semi submersibles Ultra-deepwater drillship The Company is headquartered in Oslo with offices in Norway, the UK and Singapore. Offshore drilling Engineering and fabrication REVENUES EBITDA ASSETS EMPLOYEES 145.5 -71.2 945.2 501 USD mill. USD mill. USD mill. Dolphin Drilling ASA - Annual Report 2018 3 4 Fleet Overview Name/ Built year/ Water (Ownership) Type Location last upgrade depth Features Bolette Dolphin Gusto Canary Islands 2014 12 000 ft 2*85 t, 1*100 t and (100%) P 10 000 1*165 t deck cranes, 15 000 psi Blackford Dolphin Aker H-3 Norway 1974/2008 7 000 ft 2*85 t deck cranes (100%) Enhanced 15 000 psi Bideford Dolphin Aker H-3 Norway 1975/1999 1 500 ft 1*45 t + 1*50 t deck cranes (100%) Enhanced 10 000 psi Borgland Dolphin Aker H-3 Norway 1976/1999/2015 1 500 ft 1*45 t + 1*70 t deck cranes (100%) Enhanced 15 000 psi Byford Dolphin Aker H-3 Norway 1973/2010 1 500 ft 1*42 t + 1*53 t deck cranes (100%) 15 000 psi 4 Dolphin Drilling ASA - Annual Report 2018 5 Name/ Built year/ Water (Ownership) Type Location last upgrade depth Features 2018 2019 Bolette Dolphin Gusto Canary Islands 2014 12 000 ft 2*85 t, 1*100 t and Hot stacked (100%) P 10 000 1*165 t deck cranes, 15 000 psi Blackford Dolphin Aker H-3 Norway 1974/2008 7 000 ft 2*85 t deck cranes BP I3 Energy (100%) Enhanced 15 000 psi Bideford Dolphin Aker H-3 Norway 1975/1999 1 500 ft 1*45 t + 1*50 t deck cranes Smart stacked (100%) Enhanced 10 000 psi Borgland Dolphin Aker H-3 Norway 1976/1999/2015 1 500 ft 1*45 t + 1*70 t deck cranes Smart stacked (100%) Enhanced 15 000 psi Byford Dolphin Aker H-3 Norway 1973/2010 1 500 ft 1*42 t + 1*53 t deck cranes Smart stacked (100%) 15 000 psi Firm contract Letter of intent for Blackford Dolphin or Borgland Dolphin Dolphin Drilling ASA - Annual Report 2018 5 6 Dolphin Drilling – Group Financial Summary 2014-2018 Amounts in USD million 2018 2017 2016 2015 2014 Revenues 145.5 279.1 825.0 1 116.4 1 184.1 Operating profit before depreciation (EBITDA) -71.2 104.9 498.4 637.0 516.2 Net result after tax -505.6 -257.4 -105.4 -350.6 117.3 Minority interests -1.4 -0.6 -0.8 0.3 1.0 Assets Current assets 244.2 566.4 511.7 676.9 522.3 Long term assets 701.0 1 075.0 1 378.3 1 896.5 2 946.3 Total as sets 945.2 1 641.4 1 890.0 2 573.4 3 468.6 Liabilities and equity Interest-bearing debt 748.4 877.1 879.6 1 327.8 1 455.4 Total liabilities 876.6 1 048.1 1 036.8 1 607.9 2 160.7 Equity of majority 68.6 593.3 853.2 965.5 1 307.9 Minority interests - - - - - Total liabilities and equity 945.2 1 641.4 1 890.0 2 573.4 3 468.6 Key Figures Definitions 2018 2017 2016 2015 2014 Market capitalization 1 9.98 176.39 245.27 260.45 611.47 Net interest-bearing debt 2 611.50 442.10 589.20 1 113.70 1 252.00 Enterprise value 3 621.48 618.49 834.47 1 374.15 1 863.47 Debt/Book equity ratio 10.91 1.48 1.03 1.38 1.11 Debt/Market capital ratio 75.00 4.97 3.59 5.10 2.38 Current ratio 4 0.31 1.88 7.03 1.34 0.79 EBITDA margin 5 -48.9 % 37.6 % 60.40 % 57.10 % 43.60 % Average number of shares outstanding 66.7 mill 66.7 mill 66.7 mill 66.7 mill 66.7 mill Share price at year end in NOK 6 1.30 21.70 31.70 34.40 68.15 Earnings per share (EPS) in USD 7 -7.61 -3.88 -1.58 -5.30 1.77 Diluted earnings per share in USD -7.61 -3.88 -1.58 -5.30 1.77 Capital expenditures per share -0.47 -0.22 -0.16 -6.04 -12.00 Price/Earnings 8 -0.02 -0.69 -2.33 -0.74 5.21 Price/Book 9 0.15 0.30 0.29 0.27 0.47 EV/EBITDA -8.73 5.90 1.67 2.16 3.61 1 Closing price * number of shares at year-end 2 Short-term debt + long-term debt - cash and cash equivalents 3 Market capitalisation + net interest-bearing debt 4 Current assets / current liabilities 5 EBITDA / revenue 6 Last trade on last trading day of the year 7 Net profit / average number of shares outstanding 8 Closing price / EPS For 2014; closing price converted to USD at the rate per 31.12.14 9 Closing price / book value per share 6 Dolphin Drilling ASA - Annual Report 2018 7 Dolphin Drilling Group and Dolphin Drilling ASA Board of Director’s Report 2018 The operating activities of Dolphin Drilling ASA (formerly Fred. stabilizing effect on the oil price. The main market driver in a Olsen Energy ASA) and its subsidiaries (the Group) consist of longer term perspective is believed to be production decline offshore drilling and engineering and fabrication services. The of mature fields combined with the effect of current relatively parent company of the Group is Dolphin Drilling ASA (the Com- low investment level. These factors are believed to stimulate pany), with its corporate headquarters located in Oslo, Norway. both increased exploration activity and sanctioning of new The Group manages its activities from offices in Norway, UK and development projects, leading to further improvements in the Singapore. Operation of the Group’s offshore units is managed floating drilling market through 2019 and beyond. through Dolphin Drilling AS (100% owned) in Stavanger and Dolphin Drilling Ltd. (100% owned) in Aberdeen. The Harland There has been further decommissioning and cold stacking & Wolff (H&W) shipyard (92.2% indirectly owned), located in of units in the midwater segment through 2018. Since 2014, Belfast, Northern Ireland, and related activities form the Group’s more than 80 midwater drilling units have been scrapped. These engineering and fabrication division. units have mainly been working in the international benign seg- ment. In addition, there are cold stacked units where the five- Gross revenues in 2018 were USD 145 million, a decrease of USD year class certificates have lapsed or will shortly. This will lead to 134 million from the previous year. The Group achieved Earnings additional units being effectively out of the market. Based on Before Interest, Taxes, Depreciation, Amortization and Impairment the fleet composition in the midwater segment we expect the (EBITDA) of negative USD 71 million compared to EBITDA of USD market to rebalance in 2019. 105 million in 2017. The cash flow from operations amounted to negative USD 92 million compared to USD 213 million for 2017.
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