Dolphin Drilling AS (DDRIL) Fair Value & Analysis
Energy · NO · Market cap 1.0B NOK (≈ $113M) · ISIN NO0012595950
What is Dolphin Drilling AS really worth?
Below-average quality, and trading another 54% above our fair value of kr 1.40.
Risks
Fair value as of: Sep 5, 2026
From 4 valuation models · updated today
Fair value updated Sep 5, 2026, revised from kr 0.0200 to kr 1.40 (+6,900.0%) since Aug 13, 2026. Share price −13.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (kr 1.79). The favourable scenario is already priced in.
- Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Price vs Fair Value (4 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.
How to read this chart
46‑month range kr 1.98 – kr 4,418 · fair‑value band kr 1.01 – kr 1.79 · the kr 2.15 price screens above the kr 1.40 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Dolphin Drilling AS (DDRIL) currently trades at kr 2.15, while our model-based Fair Value estimate is kr 1.40, implying the stock looks roughly 53.6% overvalued today. The Quality Score stands at 36/100 (below-average quality), in the Energy sector. Bull case: the Multiples group reads highest at a median of kr 1.40 per share, and 2 of the 4 models we run sit above the kr 2.15 price. Bear case: the Asset-Based group reads lowest at kr 1.05, and 2 of the 4 models stay below the price. Evidence for this calculation is low.
Over the trailing twelve months, Dolphin Drilling AS generated revenue of 178M NOK at a net margin of −30.5%. Revenue declined 6.0% year over year. Net debt stands at 60.0M NOK. Fundamentals as of Sep 5, 2026
Our scenario range runs from kr 1.01 (bear case) to kr 1.79 (bull case); at kr 2.15, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Energy peers we cover trades at −50% fair-value upside, at −35%, DDRIL screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 4 models by family
Widest divergence: Dividend Discount (kr 108.15) versus Asset-Based (kr 1.05). Highest evidence: Gordon GGM (68).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 27
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Dolphin Drilling AS provides drilling services to the offshore oil and gas industry in the United Kingdom, India, Norway, and Nigeria. The company was founded in 1965 and is based in Sandnes, Norway.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Dolphin Drilling AS reported revenue of $178M in FY2025 versus $121M in FY2021, a compound +10.1%/yr. Reported net income was −$54.3M in FY2025.
DDRIL screens 54% overvalued. Compare with Noble Corporation →
Peer Group
Oil & Gas Drilling · 35 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Drilling median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Drilling stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Noble Corporation NE | $45.76 | $23.09 | −50% |
| Sinopec Oilfield Service Corporation 600871 | ¥2.22 | ¥0.4900 | −78% |
| Transocean Ltd RIG | $5.70 | $2.16 | −62% |
| Valaris Limited VAL | $85.21 | $58.91 | −31% |
| Patterson-UTI Energy, Inc PTEN | $12.13 | $12.20 | +1% |
| Helmerich & Payne, Inc HP | $42.55 | $9.25 | −78% |
| Seadrill Limited SDRL | $46.72 | $10.17 | −78% |
| Odfjell Drilling Ltd ODL | kr 95.30 | kr 53.75 | −44% |
| Arabian Drilling Company 2381 | 88.90 SAR | 11.09 SAR | −88% |
| Borr Drilling Limited BORR | kr 41.63 | kr 26.64 | −36% |
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