Good morning, everyone, and welcome to our first quarter earnings call. My name is Michael Boyd, and I'm the CEO of Dolphin Drilling.

With me today is Dolphin CFO, Ingolf Gillesdal. Together, we will provide you with a concise update on the quarter and subsequent events, including recent commercial developments, key financial trends, a market overview, and our operational priorities across the fleet.

At the end of the presentation, we'll open up for a Q&A session. Before we begin, I kindly ask that you take a moment after this presentation to review the important elements of this disclaimer.

For today's agenda, we will begin with our Quarter 1 2026 financial performance and recent corporate developments, followed by a review of the Dolphin Drilling rig fleet and current contract status. We will then briefly discuss the offshore drilling market supply and demand fundamentals, before closing with a summary of the key takeaways for shareholders, analysts, and other stakeholders.

First up is the financial section. I'll start this by talking a little bit about the progress we have made against the key focus areas we see for the business.

At the start of the year, we defined a very clear objective for Dolphin Drilling, and that was to create a stable, efficient, and investable platform capable of growth. To deliver this objective, we set three discipline goals.

Firstly, we must consistently deliver safe, reliable, and resilient operations, because strong operational performance underpins customer confidence, contract retention, and cash generation. Secondly, we are focused on extending contract backlog and addressing our 2026 financial needs, which was successfully done earlier in the month.

Thirdly, we are committed to reducing structural cost and improving efficiency, whilst protecting safety and performance. Together, these priorities are designed to stabilize the business, support near-term execution, and position Dolphin Drilling for sustainable value creation.

As Slide 6 now demonstrates, in our highlights and subsequent events section, we have made material progress towards delivering on these goals and our objective. Notable highlights include a first quarter adjusted EBITDA of $8.6 million, improving from $8.2 million in the previous quarter, and which reflects stable operations and continued cost discipline.

Commercially, we strengthened forward earnings visibility through the extension of the Paul B. Loyd, Jr.

contract in the UK, which now runs through to September 2030. Additionally, we signed a new letter of intent for Borgland Dolphin, with the aim of converting this into a firm 4- to 4.5-year contract with up to 5 years of options.

Together, with our firm backlog of $362 million and a further $818 million in options and LOIs, this provides stronger cash flow visibility and a stable platform for growth, which allows us to assess strategic initiatives aimed at enhancing long-term shareholder value and financial flexibility. Now for the financials, I will hand you over to Ingolf, our CFO.

Many thanks, Michael. Turning to key financials, the group generated total revenue of $44.7 million in the first quarter.

Charter revenues were in line with the previous quarter, slightly lower due to fewer operating days in Q1. We are pleased to report on continued high operational performance, especially for Paul B.

Loyd, and the group had again two rigs under contract for the full quarter. Details for each of the rigs reveal that Paul B.

Loyd had a strong uptime of 99.3%, resulting in charter revenues of $14.5 million. Again in this quarter, we achieved reduced earning efficiency at 87%, as the prolonged adverse winter weather conditions during January and February resulted in 40% of on-contract hours at a waiting-on-weather rate.

For our second rig on contract, the Blackford Dolphin, charter revenues totaled $19.8 million. Operational uptime was 92.2% and an earning efficiency of 92%, which was an improvement quarter-on-quarter, although we had planned repair-related downtime during January and February.

For financial guidance into the next quarter, we have had one week of downtime on Blackford in April, which impacts next quarter earnings. The other revenues, representing approximately $10 million, are mainly related to the other services provided to Oil India.

The company continued to make meaningful progress in cost optimization during the quarter. Total rig operating expenses were reduced to $21.3 million, a 6% reduction quarter-on-quarter.

Blackford Dolphin drove a significant portion of this improvement, with operating expenses declining to $145,000 per day. For Paul B.

Loyd, average opex per day was $92,000, negatively affected by the extra costs associated with weather delays. Borgland stacking cost, on average at $21,000, a slight reduction versus guidance.

Adjusted G&A was $3.9 million, demonstrating continued cost discipline across the organization, as the previous quarter overhead cost was significantly impacted by a one-off adjustment to the accounts. Further, net finance costs at $3.7 million, while the other portion of the finance costs relate to FX losses.

The group's taxes is fully comprised of withholding tax deductions in India, which then resulted in a net loss of $6.2 million in the first quarter. Overall, the quarter shows stable operational delivery, disciplined execution on costs, and a more resilient earnings profile as we move forward.

Turning to the balance sheet, we ended the quarter with a total cash position of $22.4 million, including restricted cash, and cash liquidity was strengthened after period-end through a $62.5 million equity raise. Working capital remained higher in the quarter, however, following the equity raise, we have now reduced to normal levels.

We had limited capital expenditures in the quarter of $1.2 million, underlying disciplined investments. As guidance for 2026, we expect to see higher expenditure in Q3 and Q4, first and foremost due to Borgland's special periodic survey, at a cost of $12 million.

Moving on, we reported gross interest-bearing debt of $91.7 million, or $84.5 million on a net adjusted basis, which is impacted by a $5 million bridge loan, which has since been repaid. Importantly, the debt profile has improved, with maturity extended to March 2028, subject to certain conditions related to the bond.

Furthermore, the earlier scheduled 2026 debt amortization has been deferred. Overall, the balance sheet has been strengthened, with stronger cash liquidity, improving working capital balance, and a more manageable financing profile supporting execution of our commercial priorities.

Next up is the backlog. As Michael alluded to earlier, we show how recent contract awards, together with letter of intent and options, should strengthen earnings and cash flow visibility over the next 5 years.

Subject to firming up Borgland's letter of intent, we are about to deliver on a strategy aiming to provide a robust earning visibility and demonstrates extended work and a longer cycle for our rigs. We expect the LOI to be firmed up during the second quarter.

Taken together, these developments reinforce our confidence in the commercial outlook. I will now hand you back to Michael, who will continue the presentation.

Thank you, Ingolf. Turning to the next section, we will now review the Dolphin Drilling rig fleet, covering contract and operational status, and the commercial outlook for each unit and what we see as a tightening market for conventionally moored semi-submersibles.

Starting with Paul B. Loyd, Jr.

on contract with Harbour Energy in the UK, and as I mentioned earlier, having recently added to Paul B. Loyd's backlog, we now have contracted visibility through to September 2030, and options that could take us through to 2035.

The rig carries firm backlog of $262 million, with a further $296 million of options thereafter, providing meaningful medium-term earnings and cash flow visibility. The special periodic survey was completed in Quarter 3 of 2025, meaning we have approximately 4.5 years where only limited additional investment is required before a further SPS is necessary.

Operationally, the unit continues to deliver strong uptime and excellent safety performance, cementing its position as one of the most desirable mid-water moored semi-submersibles in a market with limited capacity and tightening demand. Moving on to Borgland Dolphin, this slide highlights the material contribution to our medium-term backlog and cash flow visibility.

We have firm contracted revenue of $59 million from Repsol in Spain, with options thereafter. The letter of intent mentioned earlier brings the potential revenue backlog above $300 million through to 2031, and further options may secure continued work until 2036.

Operationally, the rig remains in a Las Palmas shipyard, where the remaining SPS-related capex scope is estimated at around $12 million, which gives good visibility on the final investment needed ahead of start-up. The Repsol contract is scheduled to commence in the fourth quarter of '26.

Importantly, the LOI also provides a termination fee of up to $3.8 million in our favor, providing additional downside protection. Finally, Blackford Dolphin remains on contract in India, supporting near-term earnings and providing backlog visibility into Q3.

The rig is currently drilling for Oil India in the Andaman Sea. Whilst we continue to market Blackford Dolphin beyond Oil India, the rig's future remains as yet uncertain.

Any decision with respect to a future commitment needs to be taken against the backdrop of a planned special periodic survey, which is due in early 2027. Contract duration and anticipated bidding levels are clearly key parameters we must carefully consider against the capital investment required, but relative also to the tight global supply of moored semi-submersibles supporting utilization and dayrate discussions.

This next slide summarizes the contract positions across our rig fleet and highlights the level of revenue visibility now secured. At the reporting date, firm contract backlog stood at $362 million, with a further $818 million of options, giving meaningful upside beyond the committed base.

Importantly, the mix of firm work and options provides both resilience and optionality with additional upside. We now move to the drilling market supply and demand outlook.

The offshore drilling market continues to strengthen on a structural basis. We see support from a combination of firmer oil prices, increased focus on energy security, and the need for reliable long-term supply.

At the same time, several years of underinvestment have reduced available rig supply, particularly for assets that can meet customer requirements without significant reactivation risk. Demand is being led by national oil companies and the majors, who are prioritizing long-cycle offshore developments with attractive resource quality and predictable production profiles.

In our view, this backdrop supports higher utilization, stable pricing, and improved contract visibility for well-positioned contractors. The next slide illustrates the conventionally moored rig market across the UK and international segments.

The key takeaway is that the marketed supply remains tight, particularly for suitable harsh-environment and moored assets, while customer demand continues to be supported by offshore development activity and plug and abandonment. That combination is constructive for utilization and dayrate development.

Overall, we view current supply-demand dynamics as supportive for both backlog conversion and longer-term pricing, particularly in the UK and other core international moored rig markets. Now for a summary of our Q1 financial report.

In summary, the quarter reflects clear progress across the business. Since our last financial report, all three rigs have secured either contract extensions or a letter of intent, strengthening backlog and improving revenue visibility.

We have also materially improved our finances following the $62.5 million equity raise, which supports execution and balance sheet resilience, whilst we have also reduced structural costs quarter-on-quarter. At the same time, floater rig supply remains tight globally, creating a constructive backdrop for utilization and dayrates.

Taken together, this positions Dolphin Drilling with a stronger platform to pursue disciplined strategic growth, while maintaining focus on operational delivery and value creation for shareholders. Finally, this slide provides a high-level overview of our shareholder structure.

Approximately 37% of the company is held by Svelland Capital, with the remaining 63% spread across 1,400 shareholders, including strategic industry investors and large-cap institutional funds. We view this as a very encouraging indicator of market support, combining a committed cornerstone owner with a diversified and sophisticated investor base.

Thank you for joining today's update. We appreciate the continued interest from our analysts, investors, and other stakeholders as we execute on our strategy and strengthen the business.

Our focus remains on disciplined delivery, safe and efficient operations, and creating sustainable value through our company culture of trust, excellence, accountability, and momentum. With this, we open up for questions.

Thank you.

Many thanks, operator. There are no questions in the queue either, then I hand it back to Michael.

If there's no questions, we'll bring this call to a close. I would thank you all for listening along, and we look forward to talking to you at our next quarterly update.

Thank you.