Dolphin Drilling reports increased EBITDA and new multi-year contracts

Dolphin Drilling has reported its financial results for the second quarter and first half of 2026, marking a period of repositioning for the company. Total revenue for the second quarter reached $44.9 million, while EBITDA rose to $7.0 million, up from $5.5 million in the same quarter the previous year.

For the first half of the year, revenue totaled $89.6 million and EBITDA increased by approximately 47 percent year-on-year to $15.3 million. The company attributed this performance to increased long-term contract coverage, strong operational performance, and a completed refinancing that has improved liquidity and financial flexibility.

Key developments include securing multi-year contract awards for the Paul B. Loyd Jr. and Borgland Dolphin, which extends fleet contract coverage through 2030 and 2031, respectively. CEO Michael Boyd stated that these awards transform the company's revenue outlook and provide the visibility needed to capitalize on growth opportunities in a supply-constrained market.