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Norway’s Dolphin Geophysical has seen revenues rise in the fourth quarter, despite the challenging seismic market.

The company generated fourth quarter revenues of USD 130.5 million, compared to USD 38.8 million in Q4 2013. The increase is primarily due to six vessels in production and increased year-end Multi-Client sales.

Revenues for the full year were USD 440.2 million, compared with USD 246.5 million for 2013

The EBIT for the fourth quarter 2014 was USD 6.4 million (5%), compared to USD -13.6 million (-35%) in Q4 2013. EBITDA was USD 33.6 million (26%) for Q4 2014 compared to USD 3.4 million (9%) in Q4 2013.

EBIT for the full year 2014 was positive with USD 54.6 million (12%) and EBITDA was positive with USD 124.8 million (28%), compared to EBIT of USD 31.4 million (13%) and EBITDA of USD 76.0 million (31%) in 2013.

Net income (profit after taxes) was negative $3.8 million for the fourth quarter. However profit after taxes for the full year almost doubled to $22 million, compared to $ 12.4 million for the same period in 2013. Diluted earnings per share rose from $0.04 to $0.08.

Amortisation and write-down of the Multi-Client library was USD 23.0 million for 2014 compared with 17.8 million for 2013, of which USD 4.9 million related to a write-down of an African survey in the fourth quarter of 2013.

Dolphin has a total of 479 employees as of December 31, 2014, including subcontractors engaged as part of the seismic crew on our operated vessels.

“Market fundamentals have become increasingly more difficult with the rapid and significant drop in the oil price. This is clearly visible with lower tender activity, resulting in pressures on rates and utilisation.

“The marine seismic industry has been affected by lower demand for the last 18 months. Major supply-side reductions have already been made during 2014 in an attempt to balance the market,” the company said in a statement.

According to Alte Jacobsen, Dolphin Group CEO, solid backlog should soften the effect of the weaker pricing and utilisation that the industry will experience during 2015.

The company reported a backlog of USD 285 million as of 1 Feb 2015.

Furthermore, the new and final 3D seismic vessel, Polar Empress with 14-22 streamer capacity, is on schedule and is expected to be taken on charter in end of April 2015.