DOLPHIN DRILLING LIMITED

• ◆

  Material uncertainty over going concern

  The financial statements have been prepared on a going concern basis notwithstanding net liabilities at 31 December 2025 of £195.4 million and a loss before tax for the year of £33.5 million. We draw attention to note 1.2 to the financial statements which indicates that there is a downside risk of a breach of one of the financial covenants under the Company’s external loan; that downside risk has also resulted in a material uncertainty in relation to the ability of the Company’s ultimate parent Dolphin Drilling AS, to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. Year-on-year comparison hidden: this filing's period length differs materially from the prior year. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

1. DOLPHIN DRILLING LIMITED 1983-11-09 → present
2. FRUIT LINES,LIMITED 1971-07-13 → 1983-11-09

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements have been prepared on a going concern basis notwithstanding net liabilities at 31 December 2025 of £195.4 million and a loss before tax for the year of £33.5 million. We draw attention to note 1.2 to the financial statements which indicates that there is a downside risk of a breach of one of the financial covenants under the Company’s external loan; that downside risk has also resulted in a material uncertainty in relation to the ability of the Company’s ultimate parent Dolphin Drilling AS, to continue as a going concern.”

Group structure

1. DOLPHIN DRILLING LIMITED · parent
   1. Dolphin Drilling Perfuracao Brasil Ltda 100% · Brazil
   2. Dolphin Drilling Offshore Limited 100% · UK
   3. Blackford Personnel Mexico S. de R.L. de C.V 99% · Mexico
   4. DD Offshore West Africa Limited 100% · Nigeria

Significant events

• “On 15 April 2026, the company announced it had successfully placed a Private Placement for group proceeds of approximately NOK 590 million, equivalent to approximately USD 62.5 million.”
• “A portion of the proceeds of the Private Placement were used to pay the remaining liability due to the UK Tax Authorities (HMRC) of GBP 2.5 million on 11 May 2026.”
• “On 11 May 2026, Dolphin Drilling Limited secured a new contract with Harbour Energy for the use of the Paul B. Loyd Jr. in the UK sector of the North Sea.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

15

last 12 months

Capital events

2

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.