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Dolphin Sees Possible Start of Dividend after 3Q Report

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Reuters

OSLO, Aug 20 (Reuters) – Seismic surveyor Dolphin expects earnings to improve in the third quarter thanks to deliveries of two new vessels, and may soon start paying dividends even though the market is under pressure from widespread oil industry cost cuts.

A high level of contract coverage has secured most of the revenues for second half of the year, the company said on Wednesday.

"We maintain our $400 million revenue target for 2014. Third quarter will be a new record quarter. Polar Marquis will be in operation the whole quarter and we expect significantly higher margins," Chief Executive Officer Atle Jacobsen told an investor presentation.

Third quarter revenues rose to $101 million from $68 million in same quarter last year and earnings before interest, tax, depreciation and amortisation (EBITDA) rose to $30 million from $23 million last year.

But so-called late-sales from its library of multi-client data was a big disappointment, contributing to a 6.5 percent drop in the company's shares by 1030 GMT.

"We had indications of a good late sale but then customers came back and told us projects were delayed due to budget cuts," Jacobsen said.

Because of weak prefunding from oil companies, Dolphin cut its 2014 multi-client investment forecast to $50 million from $60-$80 million previously.


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