50
COMPANY PRESENTATION SEB Enskilda Nordic Seminar 7 - 9 January 2013 BY: ATLE JACOBSEN, CEO DOLPHIN GROUP – A NEW MARINE GEOPHYSICAL COMPANY
COMPANY PRESENTATION
SEB Enskilda Nordic Seminar 7 -9 January 2013
BY: ATLE JACOBSEN, CEO
DOLPHIN GROUP – A NEW MARINE GEOPHYSICAL COMPANY
Disclaimer
This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and
uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current
expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that
are major markets for Dolphin Group ASA (“Dolphin Group” or “Dolphin”) and its subsidiaries. These expectations, estimates and
projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.
Important factors that could cause actual results to differ materially from those expectations include, among others, economic and
market conditions in the geographic areas and industries that are or will be major markets for the Dolphins businesses, oil prices,
market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange
rates and such other factors as may be discussed from time to time. Although Dolphin believes that its expectations and the information
in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those
expectations will be achieved or that the actual results will be as set out in this Report. Dolphin nor any other company within the
Dolphin group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the
information in the Report, and neither Dolphin, any other company within the Dolphin Group nor any of their directors, officers or
employees will have any liability to you or any other persons resulting from your use of the information in the Report. Dolphin
undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.
There may have been changes in matters which affect Dolphin Group subsequent to the date of this presentation. Neither the issue nor
delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of
any time subsequent to the date hereof or that the affairs of Dolphin Group has not since changed, and Dolphin Group does not intend,
and does not assume any obligation, to update or correct any information included in this presentation. The contents of this
presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal,
business, investment and tax adviser as to legal, business, investment and tax advice. This presentation is subject to Norwegian law, and
any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts.
2
1. Investments highlights
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
AGENDA
3
• Position Dolphin as a pure play exposure to the seismic market through
contract seismic, Multi-Client and seismic data processing
• Focus on high-end vessels that meets client expectations
Pure play seismic
market exposure
Low cost and high-
end vessel base
Focus on operational
efficiency and
attractive returns
Strong strategic
position
• Long term TC agreements with vessel owning companies
• Strong relative cash cost efficiency per streamer per day
• High utilization and OPEX savings due to proven vessel design
• Capitalize on fleet specifications and operational experience
• Healthy balance between contract seismic and Multi-Client
• Generate strong, stable and healthy cash flow
• Fleet expansion represents an opportunity for profitable growth
• Flexible and attractive structure to reach critical mass based on sound
investment decisions
Business Strategy
4
Market share 2014*
Dolphin
7%
*Source: SEB Enskilda CF, companies
Focus on operational efficiency and shareholder value
Build a strong Multi-
Client database
• Create attractive short and long term returns through building a strong
Multi-Client database with industry support
• Initial focus on the North Sea, West Africa and Brazil
AGENDA
5
1. Summary
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
Dolphin Group at a glance
6
• A full service marine geophysical company providing
high quality:
• Contract seismic
• Multi-Client
• Processing capabilities
• Long term charter of a fleet of 7 seismic vessels:
• Long term charter of five modern 3D high-end
vessels, of which two are to be delivered in 2013
and 2014
• One ice-class 2D vessel
• Industry recognised management team with extensive
experience and with successful track record for listed
companies
• Listed on Oslo Stock Exchange under the ticker “DOLP”
• Presence in Norway, UK, Singapore, Brazil and Houston
• Established as a marine geophysical company in 2010
DOLPHIN INTERCONNECTFULL ONSHORE AND OFFSHORE
PROCESSING SERVICE
In house software development
and R&D
Processing centre in UK
On-board processing on all
vessels
Developed – advanced seismic
broadband solution (SHarp)
GROWING MULTI-CLIENT
DATA LIBRARY
Dolphin Group – Business Segments
EXPANDING MODERN FLEET
THROUGH LONG-TERM CHARTERS
7
MARINE MULTI-CLIENT PROCESSING TECHNOLOGY
In-house software and
hardware development
Targeting the PCIe* market
Technology integrated into
Dolphin Processing
hardware solution
IN PRODUCTION
• 2x High-End 3D vessels
• 1x Mid size 3D vessel
• 2x Ice-class 2D vessels
UNDER CONSTRUCTION
• 2x High-End 3D vessels
with delivery in Q2 2013
and Q1 2014
PCIe= Peripheral Component Interconnect express
Library of modern 2D and
3D data
Areas of focus:
• North Sea
• West Africa
• Brazil
USD 52 m already invested.
Totally 10,000 sq.km of 3D
and 45,000 km of 2D
successfully completed
Two high-end 3D seismic vessels to be delivered in 2013 and
2014, complementing one of the industry’s most modern fleets
Phase I
July’13
Polar Duke (3D, 12-14)
Polar Duchess (3D, 12-14 str) Sanco SwiftPolar Explorer* (2D)
� Delivered Jan 2011 � Delivered May 2011 � Delivered April 2012
Artemis Arctic (3D -8str)
Artemis Atlantic (2D)
� Delivered May 2011 � Delivered May 2011
Q1 ’12
May ’11Jan ’11
� Delivery July `13
Q1 ’14
Sanco Sword
� Delivery Q1’14
Phase II
8
* Polar Explorer will be redelivered in January 2013 as part of strategy to focus more on high end vessels
Geographic presence
9
Houston
OsloBergen
London
Singapore
Dolphin 3D Multi-ClientTarget areasOffices Dolphin 2D Multi-Client Vessels
Polar Duke
(contract)
Polar Duchess
(contract)
Artemis Atlantic
(contract)
Polar Explorer
(Multi-Client)
Artemis Arctic
(contract)
Sud Profond
3,600 km2 3D MC
Central Graben
4,100 km2 3D MC
Barents Sea
2,000 km2 3D MC
Santos Campos Basins
13,650 km 2D MC
North West Africa Atlantic
30,00 km 2D MC
Deepwater Levantine Basin
2,230 km2 3D MC
A track record of excellence with Tier 1 counterparties
10
Multi-Client status
11
Dolphin 2D Multi-Client
Dolphin 3D Multi-Client
Target areas
• Dolphin rapidly established in key 3D Multi-
Client markets - 10,000 sq. km of 3D acquisition
and 45,000 km of 2D successfully completed
• Continuing to build on 3D database focusing in
UK 28th Round, Norway 23rd Round, Brazil,
North-West Africa and West-Africa, and South
America
• Target high pre-funding or partnership
structure on all projects. Q3 pre-funding level
of 75%
• 2D Multi-Client data, important for planning
and growing 3D Multi-Client projects
• Consolidated Multi-Client sales in line with
forecasts
• Secured funding for new Multi-Client projects
Dolphin’s in-house processing capabilities provides
clear benefits to the Company’s growth ambitions
12
• Dolphin acquired processing company Open Geophysical in Q2 2012
• On-board processing facilities on all vessels
• Dolphin has a modern processing centre in the UK and more than 30
persons working with processing
• By having in-house processing, Dolphin can develop and test new
processing technologies, algorithms and sequences on Multi-Client
datasets without divulging anything to competitors
• In-house processing also provides Dolphin with control over
processing costs which is vital for Multi-Client budgeting
• Dolphin offer Sharp ™ - an in-house developed broadband solution,
combining advanced seismic acquisition and processing
AGENDA
13
1. Investment highlights
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
• Q3 – Significant increase in revenues and operating margins
• Q3 – EBITDA of USD 28.9 million, representing a 47.2% EBITDA margin
• Q3 – EBIT of USD 16.8 million, representing a 27.4% EBIT margin
• Q3 – Highest operating margins ever achieved by Dolphin
• The strong result is primarily caused by high operational efficiency, improved contract pricing, high utilisation
of the seismic fleet and strong Multi-Client sales from Dolphin's new 2012 projects
14
Revenues (USDm) EBITDA (USDm) EBIT (USDm)
Quarterly developments – Revenues, EBITDA and EBIT
43.0
30.134.6
50.0
61.2
0
10
20
30
40
50
60
70
Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3 (12)
9.1
4.52.6
23.0
28.9
0
5
10
15
20
25
30
35
Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3 (12)
5.5
-0.6-3.1
10.6
16.8
-5
0
5
10
15
20
Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3 (12)
Dolphin Multi-Client seismic data assets - BV of MUSD 37
15
36
9
13
21
37
0
10
20
30
40
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Library book value
Quarterly Multi-Client library BV, cash investments vs pre-funding and Net MCS Sales, (USDm)
• The model of Non-exclusive, Multi-Client
seismic data is becoming widely accepted and
supported by oil companies
• Important part of Dolphin strategy,
Book value of Multi-Client library was USD 37
million as of Q3 2012
• Dolphin guides at Multi-Client investments of
USD 50-70 million in 2013
• The Company is experiencing increased
Multi-Client pre-funding; increasing from
37% of cash investments in 2011 to 70 % YTD
• A total of USD 52 million invested during
2011 and 2012, compared with Net sales of
USD 41 million
USDm
3 2
57
14
21
0
5
10
15
20
25
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Cash investments and pre-funding
Cash investments Multi-Client pre-funding
USDm
11
42
03.9
37.1
0
5
10
15
20
25
30
35
40
45
2010 2011 Q312 YTD
Cash investments vs Net MCS Sales
Net cash investments Net MCS sales
USDm
Strong value creation - delivering on original business plan
• Strong value creation, executing on
Dolphin Geophysical strategy
• Shareholders’ value delivered through
strong share performance
• More than 2000 supporting share-
holders at main list Oslo Stock Exchange
• Dolphin has raised new equity of NOK
897million since December 2010
• Market Cap. of Dolphin ~ NOK 2.2
million (USDm 393)
• In addition to strong cash-flow, Dolphin
has full access to both equity and bond
market to fund new investments and
acquisitions
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
500
1,000
1,500
2,000
2,500
Sh
are
pri
ce (
NO
K)
NO
Km
(M
ark
et
cap
vs
inje
cte
d c
ap
ita
l)
Market cap Injected capital Share price
Source: Factset
May – June 2010:
Private Placement NOK
12m at NOK 2.0
Dec 2010:
Private Placement
NOK 391m at NOK 2.5
Oct 2011:
Private Placement
NOK 215m at NOK 3.0
Nov 2011:
Loan conversion
NOK 34m at NOK 2.5
Mar 2012:
Private Placement
NOK 245m at NOK 4.60
16
AGENDA
17
1. Summary
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
Seismic market expected to grow
by 19% in 2012 and 18% in 2013Seismic market expected to grow strongly … fuelled by a oil price well above the budgeting price
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
95 97 99 01 03 05 07 09 11 13EE
&P
Sp
en
din
g (
US
Dm
)
Glo
ba
l se
ism
ic s
pe
nd
ing
(U
SD
m)
Marine seismic market Onshore seismic market E&P spending
0
20
40
60
80
100
120
140
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
95 97 99 01 03 05 07 09 11 13E
Oil
pri
ce (
US
D/b
bl)
Glo
ba
l se
ism
ic s
pe
nd
ing
(U
SD
m)
Marine seismic market Onshore seismic market Oil price (brent)
• The historically high correlation between seismic
spending and E&P spending is expected to continue
going forward
• SEB Enskilda Equity Research expect a growth in
seismic spending of 19% in 2012 and 18% in 2013
• An average price of 113/bbl is expected in 2012 and USD
115/bbl in 2013, providing a healthy margin over the
estimated budgeting price of USD 83/bbl, and supporting the
positive E&P spending growth projections
Source: SEB Enskilda Equity Research18
Limited new supply growth is expected - only seven known 3D
vessels to be delivered in 2013 and 2014
Year 3D vessel Streamers2 Deliv. Company Owner
20
12
Polar Duchess 12 (16) Deliv. Dolphin Armada Seismic
Polarcus Amani 12 (14) Deliv. Polarcus Polarcus
Polarcus Adira 12 (14) Deliv. Polarcus Polarcus
Net growth +5%
20
13
Sinopec 8 (8) Q2 Sinopec Sinopec
Ramform W-class 18 (24) n.a. PGS PGS
Sanco Swift 12 (16) Q2 Dolphin Sanco
Net growth +6%
Ramform Titan 2 18 (24) Q4 PGS PGS
20
14
Sanco Sword 12 (16) Q1 Dolphin Sanco
Amazon 1 14 (18) Q2 WesternGeco WesternGeco
Amazon 2 14 (18) Q4 WesternGeco WesternGeco
Net growth +7%
Seismic market growth in supply of streamers (net growth1) Seismic vessels newbuild orders
1) Meaning that the growth is adjusted for expected upgrades and scrapings.
2) Defined as practical streamers (potential streamers in parentheses)
Source: SEB Enskilda Equity Research
7% 7%6%
13%11%
-6%-8%
-6%
-3%
2%
21%
7%
26%
9%
0%
12%
9%
5% 6% 7%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
19
Favorable competitive landscape
Dolphin now set to be the fifth largest player Commentary
• CGGVeritas announced that it will acquire
Fugro’s Geoscience, exclusive of the Multi-
Client library
• The acquisition is viewed as positive for the
industry - after the transaction has been
completed, CGGVeritas’ 3D seismic market
share measured by number of streamers will
increase from 21% to 29% in 2014
• The three largest players will control over 70%
of the global fleet in 2014
• Very favourable competitive landscape
compared to previous cycles. Few global
companies with defined growth plans.
Market shares 2014E (# of practical streamers – 3D fleet)
29%
24%19%
11%
7%
3%7%
Other
Market shares 2011 (# of practical streamers – 3D fleet)
23%
25%
19%
13%
9%
3%3%
5%
Other
Commentary
20
2013 Market Outlook
� Continued demand increase from Q2 2013,
driven by another year with high activity level in
North Europe, South America and Africa.
� Improved day rates for high-end vessels
y-o-y day rate is expected to increase by 10%-
20%. Supported by current backlog.
� Significant increase in overall industry Multi-
Client investments. All global players have
improved balance sheets to support higher Multi-
Client activity.
� Further industry consolidation is likely
� High barrier of entry for start-up companies, due
to challenging financial market situation
21
5. Guidance and Summary
AGENDA
22
1. Summary
2. Company overview
3. Financials
4. Market update
Dolphin - assumptions and guidance 2013 � New Vessel capacity to be delivered on time and budget
� Sanco Swift (3D, 14-16 str.) expected on TC, 13 July 2013
� Sanco Sword (3D, 14-16 str.) expected on TC, mid April 2014
� Potential short term hire of 2D and 3D capacity for Multi-Client projects, alternatively further consolidation of high-end 3D vessel capacity
� Pricing, costs, utilization� Expected day-rate increased from ~220’-280’ USD/day in 2012 to ~ 280-330 USD/day in 2013 for 3D high-end seismic vessels
� Overall revenues expected to increase by 40-50% with targeted revenues above USD 300 million for 2013
� Further improved YoY operating margins
� Utilization high-end 3D vessels, 84-90%
� Cash Opex high-end vessel of ~125’-130’ USD/day
� External third party costs and revenues, 6-8% of revenues for 3D vessels
� Estimated SG&A costs USD 4.5 – 5.0 million per quarter in 2013
� Multi-Client activities� MCS 2D,10-12 vessel months and MCS 3D, 8-10 vessel months
� Total Gross MCS Investment USD 50-70 million
� Pre-funding targets of 2D > 50% and 3D>85%
� Sales ratio’s 1.8 – 2.4 times MCS investment costs
� Opportunistic, additional non organic growth considered
� Capex� Sanco Swift, total approximately USD 60 million, whereby USD 15 paid in 2012
� Capacity upgrade USD 8 million, dependent on client configuration request
� Processing 2013, USD 3-5 million
23
Summary
� Strong financial growth through the 2-year build up period with a favorable cost
base and efficient operations, delivering best in-class operating margins
� Solid balance sheet that will allow for continued growth in Multi-Client segment
� Further improved market conditions, with contract backlog in excess of USD 150
million as of 1st January.
� Total vessel coverage is more than 70% for the period Q1-Q3 (excl. MCS)
� Continued opportunistic approach to further develop Dolphin through a mix of
consolidation and organic growth in all business segments
24
Picture taken by MMO onboard Polar Duke
Questions and Answer Session
COMPANY PRESENTATION
SEB Enskilda Nordic Seminar 7 -9 January 2013
BY: ATLE JACOBSEN, CEO
DOLPHIN GROUP – A NEW MARINE GEOPHYSICAL COMPANY
Disclaimer
This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and
uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current
expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that
are major markets for Dolphin Group ASA (“Dolphin Group” or “Dolphin”) and its subsidiaries. These expectations, estimates and
projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions.
Important factors that could cause actual results to differ materially from those expectations include, among others, economic and
market conditions in the geographic areas and industries that are or will be major markets for the Dolphins businesses, oil prices,
market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange
rates and such other factors as may be discussed from time to time. Although Dolphin believes that its expectations and the information
in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those
expectations will be achieved or that the actual results will be as set out in this Report. Dolphin nor any other company within the
Dolphin group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the
information in the Report, and neither Dolphin, any other company within the Dolphin Group nor any of their directors, officers or
employees will have any liability to you or any other persons resulting from your use of the information in the Report. Dolphin
undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.
There may have been changes in matters which affect Dolphin Group subsequent to the date of this presentation. Neither the issue nor
delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of
any time subsequent to the date hereof or that the affairs of Dolphin Group has not since changed, and Dolphin Group does not intend,
and does not assume any obligation, to update or correct any information included in this presentation. The contents of this
presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal,
business, investment and tax adviser as to legal, business, investment and tax advice. This presentation is subject to Norwegian law, and
any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts.
2
1. Investments highlights
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
AGENDA
3
• Position Dolphin as a pure play exposure to the seismic market through
contract seismic, Multi-Client and seismic data processing
• Focus on high-end vessels that meets client expectations
Pure play seismic
market exposure
Low cost and high-
end vessel base
Focus on operational
efficiency and
attractive returns
Strong strategic
position
• Long term TC agreements with vessel owning companies
• Strong relative cash cost efficiency per streamer per day
• High utilization and OPEX savings due to proven vessel design
• Capitalize on fleet specifications and operational experience
• Healthy balance between contract seismic and Multi-Client
• Generate strong, stable and healthy cash flow
• Fleet expansion represents an opportunity for profitable growth
• Flexible and attractive structure to reach critical mass based on sound
investment decisions
Business Strategy
4
Market share 2014*
Dolphin
7%
*Source: SEB Enskilda CF, companies
Focus on operational efficiency and shareholder value
Build a strong Multi-
Client database
• Create attractive short and long term returns through building a strong
Multi-Client database with industry support
• Initial focus on the North Sea, West Africa and Brazil
AGENDA
5
1. Summary
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
Dolphin Group at a glance
6
• A full service marine geophysical company providing
high quality:
• Contract seismic
• Multi-Client
• Processing capabilities
• Long term charter of a fleet of 7 seismic vessels:
• Long term charter of five modern 3D high-end
vessels, of which two are to be delivered in 2013
and 2014
• One ice-class 2D vessel
• Industry recognised management team with extensive
experience and with successful track record for listed
companies
• Listed on Oslo Stock Exchange under the ticker “DOLP”
• Presence in Norway, UK, Singapore, Brazil and Houston
• Established as a marine geophysical company in 2010
DOLPHIN INTERCONNECTFULL ONSHORE AND OFFSHORE
PROCESSING SERVICE
In house software development
and R&D
Processing centre in UK
On-board processing on all
vessels
Developed – advanced seismic
broadband solution (SHarp)
GROWING MULTI-CLIENT
DATA LIBRARY
Dolphin Group – Business Segments
EXPANDING MODERN FLEET
THROUGH LONG-TERM CHARTERS
7
MARINE MULTI-CLIENT PROCESSING TECHNOLOGY
In-house software and
hardware development
Targeting the PCIe* market
Technology integrated into
Dolphin Processing
hardware solution
IN PRODUCTION
• 2x High-End 3D vessels
• 1x Mid size 3D vessel
• 2x Ice-class 2D vessels
UNDER CONSTRUCTION
• 2x High-End 3D vessels
with delivery in Q2 2013
and Q1 2014
PCIe= Peripheral Component Interconnect express
Library of modern 2D and
3D data
Areas of focus:
• North Sea
• West Africa
• Brazil
USD 52 m already invested.
Totally 10,000 sq.km of 3D
and 45,000 km of 2D
successfully completed
Two high-end 3D seismic vessels to be delivered in 2013 and
2014, complementing one of the industry’s most modern fleets
Phase I
July’13
Polar Duke (3D, 12-14)
Polar Duchess (3D, 12-14 str) Sanco SwiftPolar Explorer* (2D)
� Delivered Jan 2011 � Delivered May 2011 � Delivered April 2012
Artemis Arctic (3D -8str)
Artemis Atlantic (2D)
� Delivered May 2011 � Delivered May 2011
Q1 ’12
May ’11Jan ’11
� Delivery July `13
Q1 ’14
Sanco Sword
� Delivery Q1’14
Phase II
8
* Polar Explorer will be redelivered in January 2013 as part of strategy to focus more on high end vessels
Geographic presence
9
Houston
OsloBergen
London
Singapore
Dolphin 3D Multi-ClientTarget areasOffices Dolphin 2D Multi-Client Vessels
Polar Duke
(contract)
Polar Duchess
(contract)
Artemis Atlantic
(contract)
Polar Explorer
(Multi-Client)
Artemis Arctic
(contract)
Sud Profond
3,600 km2 3D MC
Central Graben
4,100 km2 3D MC
Barents Sea
2,000 km2 3D MC
Santos Campos Basins
13,650 km 2D MC
North West Africa Atlantic
30,00 km 2D MC
Deepwater Levantine Basin
2,230 km2 3D MC
A track record of excellence with Tier 1 counterparties
10
Multi-Client status
11
Dolphin 2D Multi-Client
Dolphin 3D Multi-Client
Target areas
• Dolphin rapidly established in key 3D Multi-
Client markets - 10,000 sq. km of 3D acquisition
and 45,000 km of 2D successfully completed
• Continuing to build on 3D database focusing in
UK 28th Round, Norway 23rd Round, Brazil,
North-West Africa and West-Africa, and South
America
• Target high pre-funding or partnership
structure on all projects. Q3 pre-funding level
of 75%
• 2D Multi-Client data, important for planning
and growing 3D Multi-Client projects
• Consolidated Multi-Client sales in line with
forecasts
• Secured funding for new Multi-Client projects
Dolphin’s in-house processing capabilities provides
clear benefits to the Company’s growth ambitions
12
• Dolphin acquired processing company Open Geophysical in Q2 2012
• On-board processing facilities on all vessels
• Dolphin has a modern processing centre in the UK and more than 30
persons working with processing
• By having in-house processing, Dolphin can develop and test new
processing technologies, algorithms and sequences on Multi-Client
datasets without divulging anything to competitors
• In-house processing also provides Dolphin with control over
processing costs which is vital for Multi-Client budgeting
• Dolphin offer Sharp ™ - an in-house developed broadband solution,
combining advanced seismic acquisition and processing
AGENDA
13
1. Investment highlights
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
• Q3 – Significant increase in revenues and operating margins
• Q3 – EBITDA of USD 28.9 million, representing a 47.2% EBITDA margin
• Q3 – EBIT of USD 16.8 million, representing a 27.4% EBIT margin
• Q3 – Highest operating margins ever achieved by Dolphin
• The strong result is primarily caused by high operational efficiency, improved contract pricing, high utilisation
of the seismic fleet and strong Multi-Client sales from Dolphin's new 2012 projects
14
Revenues (USDm) EBITDA (USDm) EBIT (USDm)
Quarterly developments – Revenues, EBITDA and EBIT
43.0
30.134.6
50.0
61.2
0
10
20
30
40
50
60
70
Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3 (12)
9.1
4.52.6
23.0
28.9
0
5
10
15
20
25
30
35
Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3 (12)
5.5
-0.6-3.1
10.6
16.8
-5
0
5
10
15
20
Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3 (12)
Dolphin Multi-Client seismic data assets - BV of MUSD 37
15
36
9
13
21
37
0
10
20
30
40
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Library book value
Quarterly Multi-Client library BV, cash investments vs pre-funding and Net MCS Sales, (USDm)
• The model of Non-exclusive, Multi-Client
seismic data is becoming widely accepted and
supported by oil companies
• Important part of Dolphin strategy,
Book value of Multi-Client library was USD 37
million as of Q3 2012
• Dolphin guides at Multi-Client investments of
USD 50-70 million in 2013
• The Company is experiencing increased
Multi-Client pre-funding; increasing from
37% of cash investments in 2011 to 70 % YTD
• A total of USD 52 million invested during
2011 and 2012, compared with Net sales of
USD 41 million
USDm
3 2
57
14
21
0
5
10
15
20
25
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012
Cash investments and pre-funding
Cash investments Multi-Client pre-funding
USDm
11
42
03.9
37.1
0
5
10
15
20
25
30
35
40
45
2010 2011 Q312 YTD
Cash investments vs Net MCS Sales
Net cash investments Net MCS sales
USDm
Strong value creation - delivering on original business plan
• Strong value creation, executing on
Dolphin Geophysical strategy
• Shareholders’ value delivered through
strong share performance
• More than 2000 supporting share-
holders at main list Oslo Stock Exchange
• Dolphin has raised new equity of NOK
897million since December 2010
• Market Cap. of Dolphin ~ NOK 2.2
million (USDm 393)
• In addition to strong cash-flow, Dolphin
has full access to both equity and bond
market to fund new investments and
acquisitions
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
500
1,000
1,500
2,000
2,500
Sh
are
pri
ce (
NO
K)
NO
Km
(M
ark
et
cap
vs
inje
cte
d c
ap
ita
l)
Market cap Injected capital Share price
Source: Factset
May – June 2010:
Private Placement NOK
12m at NOK 2.0
Dec 2010:
Private Placement
NOK 391m at NOK 2.5
Oct 2011:
Private Placement
NOK 215m at NOK 3.0
Nov 2011:
Loan conversion
NOK 34m at NOK 2.5
Mar 2012:
Private Placement
NOK 245m at NOK 4.60
16
AGENDA
17
1. Summary
2. Company overview
3. Financials
4. Market update
5. Guidance and summary
Seismic market expected to grow
by 19% in 2012 and 18% in 2013Seismic market expected to grow strongly … fuelled by a oil price well above the budgeting price
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
95 97 99 01 03 05 07 09 11 13EE
&P
Sp
en
din
g (
US
Dm
)
Glo
ba
l se
ism
ic s
pe
nd
ing
(U
SD
m)
Marine seismic market Onshore seismic market E&P spending
0
20
40
60
80
100
120
140
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
95 97 99 01 03 05 07 09 11 13E
Oil
pri
ce (
US
D/b
bl)
Glo
ba
l se
ism
ic s
pe
nd
ing
(U
SD
m)
Marine seismic market Onshore seismic market Oil price (brent)
• The historically high correlation between seismic
spending and E&P spending is expected to continue
going forward
• SEB Enskilda Equity Research expect a growth in
seismic spending of 19% in 2012 and 18% in 2013
• An average price of 113/bbl is expected in 2012 and USD
115/bbl in 2013, providing a healthy margin over the
estimated budgeting price of USD 83/bbl, and supporting the
positive E&P spending growth projections
Source: SEB Enskilda Equity Research18
Limited new supply growth is expected - only seven known 3D
vessels to be delivered in 2013 and 2014
Year 3D vessel Streamers2 Deliv. Company Owner
20
12
Polar Duchess 12 (16) Deliv. Dolphin Armada Seismic
Polarcus Amani 12 (14) Deliv. Polarcus Polarcus
Polarcus Adira 12 (14) Deliv. Polarcus Polarcus
Net growth +5%
20
13
Sinopec 8 (8) Q2 Sinopec Sinopec
Ramform W-class 18 (24) n.a. PGS PGS
Sanco Swift 12 (16) Q2 Dolphin Sanco
Net growth +6%
Ramform Titan 2 18 (24) Q4 PGS PGS
20
14
Sanco Sword 12 (16) Q1 Dolphin Sanco
Amazon 1 14 (18) Q2 WesternGeco WesternGeco
Amazon 2 14 (18) Q4 WesternGeco WesternGeco
Net growth +7%
Seismic market growth in supply of streamers (net growth1) Seismic vessels newbuild orders
1) Meaning that the growth is adjusted for expected upgrades and scrapings.
2) Defined as practical streamers (potential streamers in parentheses)
Source: SEB Enskilda Equity Research
7% 7%6%
13%11%
-6%-8%
-6%
-3%
2%
21%
7%
26%
9%
0%
12%
9%
5% 6% 7%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
19
Favorable competitive landscape
Dolphin now set to be the fifth largest player Commentary
• CGGVeritas announced that it will acquire
Fugro’s Geoscience, exclusive of the Multi-
Client library
• The acquisition is viewed as positive for the
industry - after the transaction has been
completed, CGGVeritas’ 3D seismic market
share measured by number of streamers will
increase from 21% to 29% in 2014
• The three largest players will control over 70%
of the global fleet in 2014
• Very favourable competitive landscape
compared to previous cycles. Few global
companies with defined growth plans.
Market shares 2014E (# of practical streamers – 3D fleet)
29%
24%19%
11%
7%
3%7%
Other
Market shares 2011 (# of practical streamers – 3D fleet)
23%
25%
19%
13%
9%
3%3%
5%
Other
Commentary
20
2013 Market Outlook
� Continued demand increase from Q2 2013,
driven by another year with high activity level in
North Europe, South America and Africa.
� Improved day rates for high-end vessels
y-o-y day rate is expected to increase by 10%-
20%. Supported by current backlog.
� Significant increase in overall industry Multi-
Client investments. All global players have
improved balance sheets to support higher Multi-
Client activity.
� Further industry consolidation is likely
� High barrier of entry for start-up companies, due
to challenging financial market situation
21
5. Guidance and Summary
AGENDA
22
1. Summary
2. Company overview
3. Financials
4. Market update
Dolphin - assumptions and guidance 2013 � New Vessel capacity to be delivered on time and budget
� Sanco Swift (3D, 14-16 str.) expected on TC, 13 July 2013
� Sanco Sword (3D, 14-16 str.) expected on TC, mid April 2014
� Potential short term hire of 2D and 3D capacity for Multi-Client projects, alternatively further consolidation of high-end 3D vessel capacity
� Pricing, costs, utilization� Expected day-rate increased from ~220’-280’ USD/day in 2012 to ~ 280-330 USD/day in 2013 for 3D high-end seismic vessels
� Overall revenues expected to increase by 40-50% with targeted revenues above USD 300 million for 2013
� Further improved YoY operating margins
� Utilization high-end 3D vessels, 84-90%
� Cash Opex high-end vessel of ~125’-130’ USD/day
� External third party costs and revenues, 6-8% of revenues for 3D vessels
� Estimated SG&A costs USD 4.5 – 5.0 million per quarter in 2013
� Multi-Client activities� MCS 2D,10-12 vessel months and MCS 3D, 8-10 vessel months
� Total Gross MCS Investment USD 50-70 million
� Pre-funding targets of 2D > 50% and 3D>85%
� Sales ratio’s 1.8 – 2.4 times MCS investment costs
� Opportunistic, additional non organic growth considered
� Capex� Sanco Swift, total approximately USD 60 million, whereby USD 15 paid in 2012
� Capacity upgrade USD 8 million, dependent on client configuration request
� Processing 2013, USD 3-5 million
23
Summary
� Strong financial growth through the 2-year build up period with a favorable cost
base and efficient operations, delivering best in-class operating margins
� Solid balance sheet that will allow for continued growth in Multi-Client segment
� Further improved market conditions, with contract backlog in excess of USD 150
million as of 1st January.
� Total vessel coverage is more than 70% for the period Q1-Q3 (excl. MCS)
� Continued opportunistic approach to further develop Dolphin through a mix of
consolidation and organic growth in all business segments
24
Picture taken by MMO onboard Polar Duke
Questions and Answer Session
