Dolphin Drilling As

And thank you for standing by. Welcome to the Dolphin Drilling Q2 Report 2025 listen-only webcast and conference call. For any questions, please reach out to Ingolf. All questions will be answered and published in our IR section within our company's website from early next week. If you wish to ask a question via the webcast during the conference, please type it into the box and click submit. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, John Oliver-Brice, CEO.

Please go ahead, sir. Thank you for that introduction.

My name is John Oliver-Brice, and I'm the CEO of Dolphin Drilling, and I'm here today with Dolphin CFO Jinkov Gillestad, During this call, we'll present Dolphin's H1 2025 results and also our Q2 information. So if you're following this call with our PowerPoint presentation, we're on slide one, and we'll take you to slide two now, which is our very important disclaimer. So we ask that you kindly read this before moving forward. On to slide three. and talk very quickly about the agenda for today's earning call. So section one, we'll talk about key financials and the main milestone events. Section two, we will talk about Dolphin's rig fleet. Section three, we'll touch on the market that we operate in. And section four, we'll do a summary of the earnings call. So moving on to highlights and material events, if you're looking at slide four, for the first half of 2025, there have been material improvements in the company performance compared to the same period in the previous year. And also there's been some significant structural changes to the company. So a lot going on within the first half of 2025. So what were these changes and material events? Well, there were some financial ones, some contractual ones, some leadership ones, some performance ones. So let me just work through those very quickly. Financially, the company has moved from a loss-making position to being back in the black with an H1 EBITDA of $10.4 million compared to a negative $23.2 million in the same period in 24. Contractually, the company has had two of its three units continuously employed with major operators. This was the same as the previous year, but the difference being is in 2025, our two customers are both blue chip customers paying on time. That was not the case last year with our issues with general hydrocarbons. So contractually, two on contract. both paying sort of a good position there. In terms of leadership, some significant changes. A new CEO appointed, that was myself, John Oliver Bryce. I stepped into the position in mid-Q1, having previously worked with Dolphin for a year as Chief Strategy Officer and previous to that, 30-year career in the drilling, including being previously CEO of Awoka Drilling and GM of Oddfall Drilling UK. So that was my CV and that was my entry into Dolphin as CEO earlier this year. New CFO also in Golf Gildestad, who'd been with the company for about six years before. He'd been in the investor relations side of Golf and Drilling, but stepped up around about the same time as I did. So it's a new CEO and a new CFO and also a new chairman with Ronnie Bjornadal becoming chair around about the same time. Structurally, there have also been significant changes during H125, with new major investors backing Dolphin, the largest of which being Svaland Capital, holding circa 50% of the company. Further to that, the company undertook a financial restructure, where changes to its existing debt was agreed, new debt was raised, and new equity was also raised. This funding solution was required to give the company sufficient liquidity to address the challenges of a significant historic AP situation and also a significant planned 2025 CapEx requirement. Despite challenging capital market conditions, the refinance was successfully completed as planned, although it should be acknowledged that a new additional funding requirement, a circa $20 million liability from a legacy tax court case, materialized towards the very end of the refi process due to time constraints this additional tax funding need could not be incorporated into the refi and so it will have to be funded separately performance-wise the company focused on safe and efficient operations generating both continued revenue and positive customer feedback the company also focused on cost saving and operational uptime in order to maximize contractual financial efficiency so in summary then h1 has seen a lot of changes, and the company is now at the beginning of what I would call a turnaround situation. Okay, on to the numbers, and let me hand over to Ingo for slide five.