Nav Level 1 - Customer Success

Dolphin Drilling Navigates Market Uncertainty With Rolling Forecasts

Before, we would have spent two days with top management working through the budget. This year we spent a one-hour meeting and then half an hour reflecting on how enjoyable the process was, given the ease of review and making changes with visibility of results on the spot.

Tove Rosland, Accounting and Controlling Manager

Increased scenario planning is used to help improve overall business planning

As a result of recent market volatility, Dolphin Drilling needed to greatly improve its use of forecasting to compete. However, a spreadsheet-driven process made a monthly rolling forecast incorporating ever-shifting changes in currency, crews and customers almost impossible to produce.

Challenges

  • Multiple spreadsheets covering various rig, legal entity, and group levels made it difficult to conduct business planning and forecasting
  • A spreadsheet-driven model didn’t allow for rapid scenario planning to react to a quickly-changing market
  • Too much time was being spent on manual data entry and verifying accuracy

Results

  • Automated data collection reduced budgeting processes from days to minutes
  • Accurate, detailed data allowed the company to begin conducting detailed monthly rolling forecasts
  • Increased ability to conduct scenario planning lets the company see the impact of changes in things like exchange rates, staff changes, and drilling contracts on the company’s bottom line
About:
Dolphin Drilling is one of the longest established independent drilling contractors in the offshore arena, tracing its roots back to the earliest offshore exploration activity in the North Sea in the mid-1960s. Dolphin Drilling is a part of the Fred. Olsen Group, which has a strong shipping history stretching over 160 years.
Location:
Norway
Industry:
Energy and Utilities
Dolphin Drilling Navigates Market Uncertainty With Rolling Forecasts

Using spreadsheets, changing the currency at a late stage in the budget phase took us two to three days with the risk for errors being quite high. Now, within five minutes we can get the revisions so we have a new plan and forecast.

Tove Rosland, Accounting and Controlling Manager