2023-08-15 20:54:09 ET
Dolphin Drilling ASA (FOEAF)
Q2 2023 Results Conference Call
August 15, 2023 04:00 AM ET
Company Participants
Bjørnar Iversen - Chief Executive Officer
Stephen Cox - Chief Financial Officer
Ingolf Gillesdal - Head of Investor Relations and VP Corporate Finance
Presentation
Bjørnar Iversen
Good morning, everyone. First of all, welcome to Dolphin Drilling Second Quarter 2023 Presentation. This is our third presentation since the Company was listed at Euronext Growth on 28th of October last year. [Operator Instructions]
Let's then move into the presentation itself. First of all, referring to the disclaimer, for those of you who would like to read a little bit about risks and other stuff, you will find that in our disclaimer. Let's then move to the presentation itself. My name is Bjørnar Iversen, I'm the CEO of the Company. And with me today I have Stephen Cox that is going to take the financial part of it. And also Ingolf is here, who's Head of Investor Relations and is VP Corporate Finance.
Okay. This is our agenda that we will take you through today. We will first look at the Q2 highlights then Steven will take you through the Q2 results more in details. Then I will give you a company update and an operational update. Then we will have a dive into the market outlook, and at the end, I will make a summary and after that we will take and go through all the questions or potential questions that you guys want to have an answer to. So please just put that or write that in the chat box as we go through the presentation.
Q3 -- sorry, Q2 2023 is in many way a turning point for the new Dolphin Drilling since we were listed. The second quarter, we had an EBITDA of a possibly EBITDA on 1.6 billion, and that was up 18.6 million from the first quarter. Blackford Dolphin has had an uptime on 97.2, and we also operated the Blackford on improved and reduced OpEx down to $116,000 per day.
The Blackford has a revenue backlog or a total revenue backlog of $201 million, or that there's a firm backlog of $100 million and options of $101 million. During the quarter, also the GHL contract was confirmed as a 12 months contract, and after that we will have a new contract with Peak Petroleum back to back in direct continuation, and that's a four month firm contract with a one year option.
During the quarter, we also made an agreement with Transocean to acquire the Paul B. Loyd Jr. and the Transocean leader for $64.5 million. For today, the Paul B. Loyd has a revenue backlog of $614 million, and after we signed the agreement with Transocean, we extended the contract with Harbour by three years. So, we now have a 4.3 year firm contract with Harbour Energy in the UK. For that, we have a firm contract of $277 million, and we have $337 million in options.
And that basically including options take the Paul B. Loyd's revenue coverage down to 2032. That sums up the revenue backlog of the Company to $815 million split in a firm backlog of $377 million plus $438 million in options. During the quarter, we also raised an equity of $60 million in a private placement.
In that capital placement, we had strong support from over main shareholders and that was demonstrated through a $15 million unsecured loan at the favorable interest rates of 8.5%, and also they participated with $20 million as part of that private placement. If we now look at to the right there, we see that the Company now has 1,100 shareholders approximately, and we have a float, and this will be post the repair issue that will be announced soon or 52%. So there's a 52% float now in the shares of the Company at Euronext growth.
Just summing up three things that is important for the Company, and that is of course, the firm backlog has increased by $253 million significant increase. And of course, the EBITDA has improved by $19 million up to $1.6 million positive EBITDA.
And also worth mentioning there, it took 10 days of the quarter before we came on contract and got approval to drill in Nigeria with the Blackford. So, that's 10 days, which is all time as part of that quarter that we will not have of course in the next quarters. And then also net debt zero in the Company. So that's the headline on financial and important data points.
With that, I think I will give the work to Stephen that will take you through the queue for results in more details. Thank you.
Stephen Cox
Hello everybody. And let's jump to Page 8 if we can. Okay. So, as Bjornar mentioned, strong quarter for the Company, Blackford on contract for 81 days. We did have a period of 10 days idle time at the beginning of April. We waited for some of the licenses to come into place in Nigeria. That is now done.
So the earnings efficiency for the rig, excluding those 10 days was 97.2%. The rig had very strong availability for the client, almost a 100%. So, the 97.2 was representative of some standby days while we waited for the certain client logistics to come into place. So very strong quarter of earnings on the Blackford as I said.
OpEx was slightly lower than we anticipated Blackford came in at 116k per day, and that's despite dealing with complex logistics, crew transfer related currency issues et cetera in Nigeria. So doing a very good job of managing costs on the startup of an operation and things obviously stabilized over the first couple of months and we anticipate that will continue.
Part of the accounting that we do here requires us to defer and amortize the mobilization fee for this contract. So, we're doing that now over the firm 12 months period so $1 million a month in revenue, and there's a million dollars a month of deferred cost equivalent. So a net zero impact on EBITDA and earnings overall.
Our stacked rigs, the Borgland and Bideford both have good cost control on them as well, slightly improved on Q1. So we're now at approximately $28,000 per day for those two combined. We spend a little bit more money on the Borgland than the Bideford just keeping her in a status and looking forward to the future there.
Our G&A expenses $3.4 million excluding some legal costs, $3.6 million on a gross basis, so again slightly better than we'd anticipated on costs there. We look at round about $38,000 per day, and we continue to review that and make sure we're as efficient as we can be on our G&A.
Cash flow from operations, we used approximately $12 million and a number of moving things in here the end of the SPS related costs for the Blackford that we'd incurred in Q1 obviously current vendor payments through Q2. We have some timing around the GHL receivables coming in a little bit slower than we would like. There's cash flowing. It's not quite as quick as we would like it to, but cash is moving there.
Then we paid deposits related to the acquisition of the Paul B. Loyd and the leader approximately $3 million in cash flow there. And we also tied up some more cash on bid bonds. So, we used $2 million just to place bids in certain countries. And that is cash that is essentially reserved until the bid result is known. So that cash will stay in that classification for a while.
And then as we've also talked about, we did draw the full $15 million of shareholder loan. So we've taken part of that in Q1. We took the remainder in Q2, and that was to support us through the placement of the bonds, through the placement of the acquisition deposits and just ensure we had some operating headroom. We continued to use the factoring facility successfully and manage our liquidity on that basis.
And then if we jump to the next slide, this is a bridge of our EBITDA Q1 to Q2. So obviously the biggest item on the page here is the earnings we took from the Blackford. So, we talk about a full quarter, as Bjørnar already mentioned. It's a full quarter minus 10 days. So the math can be done pretty quickly there as to what that effect should be, but approximately $2.5 million was, I'm going to use the word lost, but it was not achieved because we waited for permits.
And so that's what those 10 days represents. Again, as Bjornar mentioned, that's something that we will not have to be concerned about as we go forward. We have also incurred obviously, a full quarter of mobilization or operations for the Blackford now. So that represents about $700,000 additional cost versus Q1 albeit what we don't now have are the project costs associated with the Blackford in the moment. So, we did take expenses to the P&L in Q1, approximately $1.7 million that we don't have in Q2.
The stacked rigs and the Borgland in particular, we continue to take cost out of that. So that represents about $600,000 saving and so that's how we bridge from what was a negative 70 EBITDA in Q1 to a positive 1.6 in Q2. And obviously we look forward and to avoiding some of those costs into Q3.
And with that, I'll give the word back to you, Bjornar.
Bjørnar Iversen
Thank you very much, Stephen. Okay. Let's then have a small look at the Company and operational update. First of all, as we said, the Paul B. Loyd is contracted to Harbour. This map shows where we have the rigs and there's a couple of colors there. The green ones are in operation, and then we see the other rigs laying around here. We have those two marketing rights rigs which is owned by capital down in Singapore.
We see the Blackford in West Africa, and we see the four assets up in the North Sea which the Paul B. Loyd is the one out drilling for today. And as I said, it's contracted to Harbour until fourth quarter 2027 on the firm contracts. And then there's options there until end of 2032 as close to 10 years runway, very important for the Company.
Then we have the Borgland and Bideford which is actively marketed and smart stack in Norway. And we're currently also having people on board to do assessments related to the leader that will comment a little bit on the leader at the later slide.
And then of course, we have the Blackford down in Nigeria contracted until the second quarter of 2024. And the Blackford then will go over to peak where we have 120 days per contract. And this also one year option at the back there that we are also currently working on and looking at.
So, let's then move to the next page. And I think I will just have a quick reminder on this one who we are. Dolphin Drilling is focusing on the semisubmersible market and here we see the different rig segments and that we are more and we have the standard segment and we are the go-to guys.
I would say here for the mold semisubmersible and covering typically motor depth from 65 meters to the Blackford up to 1008 meters. Then you have to the right, the more the DP semisubmersible drillship typically is going more or the CDR type and then of course the jacket to the left and the land rig. So this is the area we are focusing on and that we are building our strategy around.
Okay. Down a little bit about this slide, but I would like to say a couple of words about the strategic acquisition about Paul B. Loyd and Transocean Leader. I would say that we bought the PBL and the Transocean Leader, I would say in a very tough and brutal market. It turned out to be a top market, so the share price had a hit, but it's coming back.
But I must, however, say that Dolphin Drilling is in a significant better state and a better company after that transaction. And it was very, very important for the Company to do that acquisition. And I would say the Company is completely transformed after this, the stock listing and after this transaction.
So let's have a small comment on the acquisition itself. The Paul B. Loyd as will give us a very long-term positive cash flow contribution. As I said or potentially up to 2032, the leader is call stack. The more semisubmersible with the deepwater capabilities, it can go down to 1,500 meter and it's very much in the same category as Blackford.
It came with a revenue backlog. And as we, what we did, we were renegotiating the contract that came with that came with the Transocean transaction and we were able to extend the firm backlog there with three years. And that basically gives us a firm backlog on Paul B. Loyd of 277 million over the next 4.3 years. And in addition to that we have $337 million in options.
In addition to that, we got from Harbour a 10 million cash contribution related to the next special periodic survey, the plan for fourth quarter 2025 for the Paul B. Loyd. And in that contract negotiation, it is also worth mentioning a couple of a couple of things. We could say that there was a cancellation clause for convenience in there that is taken out. So it's now it's a bankable contract.
And we also got in since the length of the contract is what it is now. We also got in there a cost escalation, an actual cost escalation formula, which protects the cash flow going forward from Paul B. Loyd and Paul B. Loyd's contract.
Then also with the transaction, this is profitability philosophy. We will take over and we are taking over the existing recruit and I met with the recruits, parts of the recruits last week. And the offshore team is also following the transaction and it's quite in part of the transaction itself. This transaction at scale to our fleet and it also con contributes to our consolidation in a tight rig market both in the UK market and internationally.
And we will see on the market section in a tight market. We would say across all offshore basins we are operating. And so here we see the full rig fleet, we see the strategic acquisition in the red box to the left Aker H-4.2. And the other three we have on top to the Borgland and Blackford and the Bideford of H3 significantly upgraded and excellent rigs going forward. And to the right we see the two capital assets.
Looking at the backlog in a little bit of a different perspective and showing the contract coverage here, we have built our backlog including options, so $815 million. And we see the exponential growth in the order backlog a different way there. When we listed the Company in Q3, we had 85 million. Then we added up on top of that, the peak contract in Q1.
And then, we see now for Q2, we see the significant bump up related to this transaction. We also see the day red picture in the box below there, where we see the Blackford contracts and we also see the Paul B. Loyd contracts. It's also worth mentioning that the Paul B. Loyd contract has an incentive scheme that can add up to $20,000 a day and but capped at an average of the month or 10,000. So there's an op upside also to that rate. And as we see to the arrow to the right in the foil, the contract runs with options until Q4 2030.
Let's have a dive into the market outlook. And on the picture to the right on this foil, we see the Paul B. Loyd operating in the UK, beautiful lady, and we have the Blackford there in Nigeria at the bottom. And that's the two, as I said assets that we currently have on contract. Let's have a little peak into the market, the global offshore market. And so there's increased demand across all rig segments, and you can have a look at the figure yourself.
But if you look to the right here, we see that versus Q1, all segments are green and improved either the same, sold out or improved. So it means that the tailwind is there in all segments. This slide shows us the current activities related to our rigs. This includes the dots you see around here, includes prescreening and rigging tenders that are out there. And you also see the rigs in there marked with the rig where we have our rigs.
So this is rig inquiries and rig tenders in process, and there's, what should I say, more popping up every week now, but let me share some comments on the market status on all the different rigs. In general, and as a start, I would say that we have a strong focus on discipline in the bidding process in general. That means that we have financial discipline in the bidding, and particularly to protect the cash flow of the Company.
Looking and commenting on the rig before, we still have interest around the rigs particularly for P&A activities in the UK, and we have several tenders out on the board. But Borgland commenting on the Borgland, Borgland, we have chosen in many ways over the last quarters, not to bid Borgland on shorter contracts, and they're focused on long contracts internationally with higher day rates, particularly outside the North Sea.
And we have, I would say several, relevant tenders that will be awarded to some players, to a player, hopefully us over the next quarter and quarters. So, Borgland is really at play. When it comes to the leader, I would like in general to say that the leader was in a much better condition than we anticipated.
Transocean and particularly Equinor when they had the leader, they have invested significant amount in upgrades, in the rig over the years, up until two 12. And we have had, after announcing the transaction, also had several operators contacting us about rig. And we are now using our internal teams to have a review of the rig to see what it takes potentially to bring her back and market and bring her out to the market.
The layup cost on that rig is up between $1,000 and $2,000 a day, so it's a relatively cheap option. And, but we will however, not do anything with any oil rigs without getting two to three times back. The mobilization cost of including the start of cost of over rigs. So nothing will be done before we have firm commitments, but a positive surprise there on the leader.
And then also a few words about the capital rigs that we see to the right there, there's still interest around the rigs. We are currently marketing them as no one has communicated, they're owned by capital, but we have the marketing rights and exactly what should I say, excellent environmental and cost efficient rigs that we are bidding and trying particularly to get into the Norwegian market.
Let's have a look at and zoom in on the semisubmersible drilling fleet. If you look here 15, we have a rig of 15 rigs that are currently not marketed or in the international market, or a list of 36 rigs. 15 is basically landlocked in the Caspain Sea or locked into China, longer contracts. That means that's 21 rigs left in the market related to the standard segment, which we are focusing on as both in drilling. All those 21 trial rigs are contracted and six are higher reactivation costs. We have also put the translation leader in that pocket there.
As you see the box, the red boxes to the left are indicating over rigs. And we have said that the leader has some higher reactivation costs, probably filed as, we don't know yet, but for definition purposes here. We said around 40 million to 50 million is a high reactivation cost. That means we have three rigs free and available as today, and we have in there. We have Bideford, we have Borgland, and we have the [indiscernible] which are currently the three rigs, which are currently a warm stack then and marketed out there.
So, we're starting to be in a position where we think that the rigs will be taken out and there's a high probability that that something will happen in the near future. Particularly if you look at this slide in combination with the previous slide that showed 20 or more warm opportunities that will be awarded this year.
Little bit just a quick peek at the UK selling market. It's more or less, so it's sold out for 2023. We have the spay in there that has little bit of open space and then we have the four available rigs at the bottom there with the Borgland, Bideford and Transocean on those. And then, we have the Ocean at the end there on the diamond. So it starts to be a few players, the Borgland has been called back. It needs a little bit old time to and cost to be taken out again.
Also quick view at the Norwegian market, we saw that seven rig has exited or are exiting Norway as of today bringing the number a number of rigs in the Norwegian market down to 12, but there's also a couple there that will probably leave the market. So we are down to 10 rigs in the Norwegian market. So what we think over the next two quarters, we will see contract awards that will take rigs out of the international or the UK market into the Norwegian market.
So Norway, we're pretty sure on that analysis that will probably absorb rigs from the UK or the international market to some extent over the next two quarters. And that will just further tighten the market including other part of the market.
A little bit on the summary slides, the Company has based on its 58 years of drilling experience, a very robust organization position for growth. We see now how easily the Company is integrating and taking in the acquisition from Transocean, and of course, we are very focused to keep to our strategy to bring out under box A there.
We are focused on getting the current rigs out. We see the limited rig availability globally, as I just showed you. We also see that the day rates are increasing every day. B, we are marketing with the marketing rights of the capital, trying to get them out in the Norwegian market to market and use that opportunity also to capitalize on our organizational core capital. We still look at management opportunities also to capitalize on our structured capital and the profitable growth. We are also considering to bolt-on acquisitions, if that delivers premium return on capital to our shareholders. So as we speak to our strategy.
Just to comment on big comment on our ESG, we published our first annual sustainability report earlier this year in connection with our annual account for 2022. And we are really focusing on bringing down over environmental footprint in everything we do and we have done that for many years, but now we have even increased it focusing on spill prevention, emissions, of course, health and safety, diversity and equality, and of course anticorruption. So that's an embedded part of Dolphin.
So to sum up, Dolphin Drilling well positioned in this industry recovery. The quarter has been a transformation quarter for the Company. It has created a solid and robust platform for growing Dolphin Drilling further. The market is helping us to move or the market is moving and lifting, and improving the probability to bring out over idle rigs.
And looking at item one there, the quarter returned the Company from and it improved by $18.6 million moving the Company into a positive EBITDA of $1.6 million. We built and increased the backlog around Blackford up to $201 million of which 100 is firm. And after the GHL contract, which was confirmed to 12 months rigs, fixed peak will take the ring for the next four months firm and with a potential one year option.
We also did the agreement to acquire the Paul B. Loyd and the Leader for $64.5 million and bringing the total backlog of Paul B. Loyd up to $614 million split in two parts. One firm, part of $277 million and one optional part of $337 million giving the runway, firm runway on PBL to be 4.3 years. And with the options runway to 2032, which is very important for us. That gives the total revenue backlog of 815 and of backlog of 377 for the Company, plus 438 million in options.
Of course, we're actively engaged in multiple tenders, as I show you in most of the offshore basins more than 20 opportunities. Operations are solid based on, of course, stands now solid on non-improved order book. And as a company, based on what we see now, we have an ambition to get into a dividend position. Somewhat, I would say second half 2024.
So to sum up the quarter before I open up for questions, I would say that the Company has now a solid fundamental and is well positioned in the unimproved market to bring out more of the rigs that we have. Just a look and repeat again about the shareholder base. After the post planned repair issue, we will have 52% of the Company float and approximately 1,100 shareholders, primarily consisting of Norwegian, UK and U.S. investors.
And SVP still remains the largest shareholder with 28% of Dolphin Drilling. And we have standard and the ownerships related to SD fund around 20% of the Company. So, I think that sums up what we have achieved this quarter. I think as a company we are proud of what we have achieved over the last quarter.
And we are happy to open up for questions.
Question-and-Answer Session
A - Stephen Cox
Yes. I'll try and coordinate on the Q&A. We've got some questions in the chat as well, so we'll try and address them efficiently. But let me just start off, so there's a couple of questions. Similar theme talking about the CS60 rigs and the schedule around those and the effective optionality that exist Bjørnar and Ingolf, actually, we can talk a little bit around timing and thought process?
Bjørnar Iversen
Yes, I would say that commenting on the capital or design side, of course, these designs are, I would say in an own league. And they really belong to the Norwegian market. We are currently bidding them in Norway, but we need longer contracts to be able to develop and to take in those rigs. And I would say that we currently have some bids in there, opportunistic bids for them in the Norwegian market. But let's see how that plays out over the next quarter.
We see -- you saw from the Norwegian slides there that there will be some awards in the Norwegian market. Some of them of those contracts are short, but we have an ambition to bring those two assets into Norway. And we are of course focused on that and work hard on that. But only the future will show, if we are successful or not. I think that I'll just stop there, but the rigs are super good and they really belong to the Norwegian continental chart.
Next question sir.
Stephen Cox
Yes. So, there's a few questions just talking about timing of next award tenders, what the local international markets look like? And there's a question around Brazil as well, in terms of our ability to potentially put a rig there? So again, it's a bit more generic in terms of guidance on timing and geographies?
Bjørnar Iversen
Yes, I think it's always, not so smart to be too specific on timing because it's outside our control. But what we can say is that there's a significant amount of tenders that we have in that will be awarded over the next two quarters, some of them this quarter, some of them next quarter, very often an award.
Of course, it takes time and it takes clarification. It takes several clarification rounds, and then of course it's normally maybe two tenders who competing and then they awarded one. So, I would say that all those, at least half of those 20 tenders will be awarded over the next, I would say, three to six months definitely. And we are in the run and hopefully, and then we think that we are among the top two or top three in several of them.
So, we think that there's a fair chance or getting a contract placed on them. So, I would say the Borgland is probably the one that is first in the queue. And then we have probably the bit of further, and then we have I would say the capital assets. And then, as I said, we have started to do a deep analysis of the Leader to see if and what it costs to take her back. But we will not take any contracts here, short contracts.
We will take longer contracts where we will be able to pay back the modification/mobilization costs on them. And we need two to three times that investment before we will do anything. So, I would say increased discipline. So all this smaller stuff, I think we have put a little bit to the side and we have focused on the more, longer and more neatly the opportunities that are out there. So, we have very solid and disciplined approach to new activity.
Stephen Cox
I'm going to touch on another question here. There's a question around the percentage of free cash flow, that we will look to distribute in potential dividends, if that becomes relevant, which I can sort of briefly tackle that in terms of the, obviously the intent is to distribute as much as we can, at the right time, and being conscious of timings of reactivations budgets around those things. And obviously the cash flow that we anticipate from closing the Transocean transaction when that kicks in. So, it is not going to be a straight answer, I'm afraid on that one, but obviously the intent would be to distribute as much cash as we can, at the point in time that we get to that point. And there's a few questions around the timing of the Transocean transaction and close, so we can maybe touch on the sort of process we're going through with HSE.
Bjørnar Iversen
Yes. What we have there is that there are firm contracts around this transaction in all directions with all the parties. There's one condition precedent one CEP that will be the driving force or when this transaction…
Stephen Cox
We lost you Bjørnar.
[Audio Gap]
Stephen Cox
I'll pick up until Bjornar comes back on. But the key thing that we are working on in the transaction is the safety case transfer and which requires us to demonstrate to the HSE in the UK that we have the capability and the systems to take on the drilling operation, which obviously we do. And we last drilled in the UK with Borgland in 2019. So timing wise, we anticipate end of the year to achieve the full approval there. And then a number of things will click together and the transaction should close hopefully before the end of the year. That's our plan right now.
Let's check if Bjornar is back. No, I think we've lost him. We'll just keep going until Bjornar comes back on. And there's a question about the sustainable OpEx level in Nigeria now we move past startup. So, 116 was 116k per day. That was the number we achieved in Q2. We think we're there thereabouts and obviously Nigeria suffering from a couple of factors right now in terms of the currency. There's been quite significant deterioration in the naira and we do have naira denominated costs, so that obviously helps us in dollar terms.
At the same time, inflation is pretty rampant down there, so there's sort of two competing forces there. But we do expect to sustain that level. We did budget 120, that's what we thought we would do. We're doing a little bit better than that. I think we will continue to a little bit better. So modeling wise, I think if you plugged one 15 in, it wouldn't be too far off.
I think there's another question here. After with two rigs generating good cash flow after closure transaction. Do you see yourself financing activations with organic cash flow or debt given the market reaction? I think really that's going to come down to the sort of longevity size of the contracts. Our model as Bjornar said, is to not take a rig out unless we see a contract that pays back that reactivation cost sort of three times over timing is going to drive how we finance that. That obviously we expect the Company to build cash from now going forward.
Depending on when we take the next rig out and the length of that contract really is going to drive how we finance, it may well be sensible to go and get some small amount of leverage. But we need to look carefully at the model and the timing there. Some of the contracts that we are looking at, as we talked about earlier, require bonds to come into force. So those types of financing will be something that we look at the right time.
I think there was a question in the chat about GHL in terms of payment, in terms of that contract. So GHL are about two months behind in terms of the day rate payments. So we've had payments through for the first part of the campaign. We did take an $8 million cash deposit essentially in advance from GHL before we started drilling to protect the Company. And so they are a lot bit behind now on their direct payments.
We are addressing that through usual mechanics and the contract allows us to do that. And we will continue to update as we go. As I said, cash is flowing. It's bits and pieces of cash as opposed to lumps of cash coming in, but it is moving through. So we continue, we're in daily contact with that client, as you would imagine.
Bjornar, you're back. You're muted. No, we seem to have lost Bjornar. I'll take the final question here. There's a question about the share price reaction to the last bolt-on acquisition.
We think it's an idea to look at acquisitions, maybe not in the same vein as we did with the Paul B. Loyd, but certainly in terms of assets that fit to our strategy, that have backlog, that have the instant cash flow potential on them. Obviously, the transaction we've done with Transocean and the Harbour deals come with a significant amount of backlog attached to the rig and we were able to expand on that.
So, the EBITDA that's inside that transaction for us and is going to return the rig many times over in the future. And we would look at those types of acquisitions again. It's certainly something that's worth doing, we believe. But we obviously are very conscious of how that was financed and how that was perceived by the market. So something that and we look for to do carefully again.
Bjørnar Iversen
Can you hear me now, Stephen?
Stephen Cox
Yes, you're back.
Bjørnar Iversen
Yes. I think do we have more questions or was that the last one?
Stephen Cox
We were just tackling the one on potential future bolt-ons. That was the last bit, if you want to add to that.
Bjørnar Iversen
No, I think we will do if it's value accreditive, but we of course also learned from the last transaction, so we would only do things that are extremely positive for the shareholders.
Stephen Cox
Agreed. Exactly. So there are no more questions right now, so I think we can drop to the close.
Bjørnar Iversen
Yes. I thank you all for calling into our Q2 presentation and looking forward to seeing you again and hope that you call in next and please thank you for joining.
For further details see:
Dolphin Drilling ASA (FOEAF) Q2 2023 Earnings Call Transcript