Dolphin Group ASA reported audited consolidated and parent company earnings results for the full year ended December 31, 2012. For the year on consolidated basis, the company reported net operating revenues of $221.3 million against $97.6 million for the same period last year. The strong increase was caused by additional vessel capacity in production, improved contract prices and efficiency as well as expansion within new processing and Multi-Client business. EBITDA was $81.0 million against $13.6 million for the same period last year. Profit before taxes was $38.9 million against $1.1 million for the same period last year. Net income was $32.7 million or $0.11 per basic and diluted share against net loss of $0.9 million for the same period last year. Net cash inflow from operating activities was $30.9 million against net cash outflow from operating activities of $1.8 million for the same period last year. EBIT was $40.6 million against $3 million a year ago. Cash flow from operations was increased was primarily related to improved performance and pricing, as well as an increased number of vessels in operation for the year. Purchase of property, plant and equipment was $42.9 million against $33.8 million a year ago. Prepaid seismic equipment was $31.1 million against $1 million a year ago. Investment in intangible asset and operating equipment was $0.4 million against $0.3 million a year ago. The parent company's LBIT for 2012 was $2.2 million compared to $2.4 million for 2011. The parent company had a net income in 2012 of $18.8 million and net loss of $2.6 million in 2011. For the period, the company reported net operating revenues of $0.8 million against $0.2 million a year ago. Profit before taxes was $24.3 million compared to loss of $2.5 million for 2011. Net cash outflow from operating activities was $102.5 million against $23.2 million a year ago.

Dolphin Group ASA has received a letter of award for two new 3D seismic contract surveys in Norway, for an undisclosed client of approximately 2.300 sq. km. in total. The surveys are located in the North Sea and the Norwegian Sea and will be acquired by the high capacity 3D seismic vessels, Polar Duke and/or the Polar Duchess during the summer of 2013. These two contract surveys follow a previously announced contract award for the same undisclosed client for utilizing the Artemis Arctic on another 1.000 sq.km survey during the summer.

Dolphin Group ASA reported consolidated unaudited earnings results for the fourth quarter and full year of 2012. For the quarter, the company reported revenues were USD 75.5 million, compared to USD 30.1 million in fourth quarter of 2011. EBITDA was USD 26.5 million (35.1%), improved from USD 4.5 million in fourth quarter of 2011. EBIT was USD 16.3 million (21.6%), compared to loss of USD 0.7 million in fourth quarter of 2011. Net income was USD 13.9 million, compared with loss of USD 3.0 million in fourth quarter of 2011. Profit before tax was USD 14.386 million against loss of USD 1.76 million a year ago. Diluted per share was USD 0.05 against USD 0.01 loss per share a year ago. Net cash flow from operating activities was USD 15.089 million against USD 4.974 million a year ago. Purchase of property, plant and equipment was USD 1.788 million against USD 4.487 million a year ago. For the year, the company reported revenues of USD 221.3 million, compared to 97.6 million in 2011. EBITDA was USD 81.0 million (36.6%), compared to USD 13.6 million in 2011. EBIT was USD 40.6 million (18.4%), compared to USD 3.0 million in 2011. Net income of USD 32.7 million, compared with loss of USD 0.9 million in 2011. Diluted earnings per share (EPS) of 0.11 cent for 2012, compared with 0.00 in 2011. Profit before tax was USD 38.949 million against USD 1.132 million a year ago. Diluted per share was USD 0.11 against USD 0.00 per share a year ago. Net cash flow from operating activities was USD 39.794 million against net cash used in operating activities of USD 1.844 million a year ago. Purchase of property, plant and equipment was USD 42.943 million against USD 33.849 million a year ago. The company expects 2013 revenues to increase by 40%-50% and total revenues to exceed USD 300 million.