The best the dolphin could hope for is a tie.. It's too agile for the croc, but not powerful enough to do any real damage.
They're both air breathers. Just for arguments sake who do you think would drown first if neither could come up for air until the other is dead?
Probably the dolphin... Crocodiles don't usually fight competitors for the sea very often, usually hunting land swimmers; relying on ambush, grabbing down, and twirling to rip. In an ocean battle, there is a reason why sharks, etc don't do that. I mean the sharks do tend to grind down in the bite, as their teeth are made for, but it is altogether different, and it is usually a series of them, and not a pinning maneuver. And dolphins are far more vicious in the water than most are realizing anyway, but don't usually bother humans. They will move, take a chunk, move on to reposition, before hammering for another attack. And the dolphin is more adapted to those sorts of underwater attack and avoidance maneuvers - compared to any of the crocodile prey.
I don't see this going well for the croc, at all, if it somehow got out far enough in the water outside of it's environment to face such an ocean creature.
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