Important Information

This presentation, any appendices and any additional information supplied with it or subsequently communicated to any person in connection therewith (the "Presentation") has been prepared by Dolphin Drilling AS (the "Company") and its subsidiaries (together with the Company, the "Group"), solely for information purposes and does not purport to be complete, exhaustive or to summarise all relevant information. By attending any meeting where this Presentation is made, or by receiving or reading any of the Presentation material, you acknowledge that you have received the information as set forth hereunder and agree to be bound by the following limitations and provisions: This Presentation is for information purposes only and is not intended to be complete or exhaustive. This Presentation has not been reviewed or approved by any regulatory authority or stock exchange. This Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person including legal entities in any jurisdiction. Neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions. This Presentation does not contain any advice, hereunder including but not limited to investment advice or financial, legal or tax advice. Each recipient should make its own independent assessment of the information in the Presentation and should take its own professional advice in relation thereto.

This Presentation contains information obtained from third parties. As far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be materially inaccurate or materially misleading. The Presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof and may contain certain forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", "forecast", "could", "may", "consider" and similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Group's current expectations and assumptions as to future events and circumstances that may not prove accurate. The forward-looking statements contained in this Presentation (including assumptions, opinions and views of the Group or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither the Company or the Group, nor their respective officers or employees provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein. Neither the Company or the Group, nor their respective officers or employees assume any obligation, except as required by law, to update or correct any information included in this Presentation. This Presentation is not a prospectus, disclosure document or offering document and does not purport to be a complete description of the Company, the Group or the markets in which the Group operates.

The information in this Presentation has not been independently verified, and no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company or the Group or their respective officers or employees accept any liability whatsoever arising directly or indirectly from the use of this Presentation. By attending any meeting where this Presentation is made, or by receiving or reading any part of this Presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position and business of the Company and the Group and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's and the Group's business. This Presentation speaks as of the date set out on its cover and is subject to change without notice. There may have been changes in matters that affect the Company or the Group subsequent to the date of this Presentation. Neither the delivery of this Presentation nor any further discussions of the Company may have with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company or the Group since such date. The Company has not authorised any other person to provide any persons with any other information related to the Company and the Group, and neither the Company or the Group, nor its respective directors or officers will assume any responsibility for any information other persons may provide. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court (Oslo tingrett) as exclusive legal venue.

1. Q3 2025 Key Financials and Updates
2. Dolphin Rig Fleet
3. Drilling Market Supply/Demand
4. Summary

Highlights

Q3 EBITDA loss of USD 4.7million (heavily impacted planned rig survey project)

High focus on cost control achieving OPEX & G&A reductions

Booked USD 100 million in new revenue backlog Increased total to USD 264 million*

New contract sees reactivation of Borgland

PBLJ completed rig survey, ready to harvest for 5 years with limited investments

Financial Highlights

Q3 Items

Lower revenues impacted by PBLJ being out for planned rig survey
PBLJ 95% rig earning efficiency
Blackford 93% earning efficiency
Borgland contract award USD 60 million backlog
Achieved lower cost

Subsequent Events

Agreed plan related to HMRC tax claim
Equity raise strong commitment from major shareholder
Blackford contract extension USD 40 million

Key Financials Q3 2025

REVENUES

PBLJ and Blackford improved earning efficiency q o -q. PBLJ contracted for 32 days with the remaining days spent at the yard completing the scheduled rig survey. Other services relate to reimbursement for vessels on hire in India.

OPERATING EXPENSES

PBLJ and Blackford daily average OPEX of USD 109k (higher cost during rig survey) and USD 152k, Borgland in layup at USD 26k.

G&A

Reduced cost base throughout the organization, delivering a sharp reduction quarter on quarter. Continued high focus on tight cost control.

NET FINANCIALS

Interest expense of USD 3.8m related to interest bearing debt, USD 2.2m related to refinancing cost, and remaining unrealized FX.

TAX

Withholding tax in India, the previous quarter included the booked tax loss related to claim from HMRC.

Income Statement (\$ in millions)	Q3 2025	Q2 2025
Charter Revenue	25.7	35.8
Total Other Revenue	12.0	11.6
Total Revenue	37.7	47.4
Total Operating Expense	(38.4)	(36.2)
Total G&A	(4.0)	(5.6)
EBITDA	(4.7)	5.5
D&A	(5.2)	(5.9)
EBIT	(9.9)	(0.4)
Net Finance (Cost) / Income	(6.8)	(10.8)
EBT	(16.8)	(11.3)

Taxes	(1.4)	(14.9)
Net Income (Loss)	(18.2)	(26.2)

Balance Sheet – Key Notes

Cash position remained stable in the quarter mainly driven by a combination of refinancing items including new debt and equity, while covering for reduced revenues from operating with one rig for most of the period.

Accounts Receivable reflect a higher value vs normal; two months of revenues from Blackford incl. VAT and Harbour contribution to the PBLJ rig survey and contracted days in September.

Other current assets main items include USD 7.2m in debt service coverage, USD 5.7m in prepayments, USD 2.9m India mobilisation, USD 7.7m in other including capitalized refinancing cost and historic tax assets.

Non-current assets increased due the PBLJ rig survey, adding USD 26.7m to USD 55m, Blackford at USD 38m and Borgland at USD 10m.

Accounts Payable remained high in the quarter pending payments related to completion of PBLJ rig survey, with USD 9m paid as of September 2025.

Accrued Expenses an increase q-o-q with a total of USD 22m associated with the two operating rigs, and the remainder at corporate level. the quarter pending payments related to completion of PBLJ rig survey, should come down on par with last years number.

Other current liabilities increase by and large due to booking for the tax claim.

Current portion of debt relate to USD 1.1m monthly debt amortisation from the bond as well as USD 2m debt amortisation from the loan (amortisation relief until April 2026).

Non-Current Portion of Debt represent PBLJ loan with maturity in September 2027 and the bond maturing in June 2027.

Balance Sheet (\$ in Millions)	Q3 2025 Sep-25	FY 2024 Dec-24
Current Assets
Unrestricted Cash & Cash Equivalents	28.9	29.0
Restricted Cash	4.0	5.4
Accounts Receivable	30.2	22.3
Inventory	24.5	23.7
Other Current Assets	22.9	26.5
Total Current Assets	110.4	107.0
Non-Current Assets:
Tangible	89.8	68.7
Intangible	14.9	20.6
Total Assets	215.1	196.3
Current Liabilities
Accounts Payables	38.6	30.3
Accrued Interest	0.0	2.7
Accrued Expenses	26.0	22.5
Current Portion of Debt	25.2	35.0
Other Current Liabilities	32.4	15.0
Total Current Liabilities	122.2	105.5
Other Non-Current Liabilities	3.6	3.3
Non-Current Portion of Debt	64.1	45.4
Total Liabilities	189.9	154.3
Shareholders Equity	25.3	42.0
Total Liabilities & Shareholders' Equity	215.1	196.3