Dolphin Drilling AS — AGM Information 2025

Mar 13, 2025

DDRIL: Message from Svelland Capital and B.O. Steen Shipping

DDRIL: Message from Svelland Capital and B.O. Steen Shipping

OSLO - March 13, 2025 (Dolphin Drilling AS, OSE: DDRIL) last week, Svelland

Capital and B.O. Steen Shipping increased their respective shareholdings in

Dolphin Drilling to 34% and 10% and have proposed changes to the Board as

noted in the EGM notice to the market earlier this morning.

The following messages were received from the investors;

We are long-term investors with strong belief in the company and the rig

market going forward.

Ronny Bjørnådal is proposed as the new Chair of the Board and Bertel Steen as

a new Board member.

Bjørnådal is a veteran within the international finance community financing

large global players in shipping, offshore and oil service for decades, while

Steen was previously a partner at Clarksons Securities. Steen has for years

been an active investor on the Oslo Stock Exchange mainly focusing on energy,

shipping and offshore.

"I have strong belief in both Dolphin Drilling and the rig market going

forward, and we are a long-term shareholder in the company. If elected, with

Bjørnådal and Steen on the Board, the company will gain valuable strategic

expertise, as well as a solid network", says Tor Svelland, investment director

at Svelland Capital, a leading European investor in commodities, shipping, and

energy.

Svelland also highlights that the war in Ukraine has shown Europe's

vulnerability in the energy supply which is currently at a breaking point in

some areas.

"We are seeing a clear increase in demand for older and well-maintained

"workhorses" like the ones Dolphin Drilling owns and combined with extensive

scrapping of older rigs, the market balance looks more attractive than it has

been for a long time", says Svelland.

Although the last few years have been tough for the rig industry in general,

the larger shareholders now see a clear trend towards improved market

conditions on both the Norwegian and British continental shelves in the North

Sea, where we see increased activity in both new and existing fields.

"It is an extremely exciting time for the oil, gas and energy industry in

general. Europe needs more energy to secure its energy supply going forward.

With its first class organization and high standing, Dolphin Drilling is

uniquely positioned to capitalize on this", says Bertel Steen, CEO of B.O.

Steen Shipping.

"There has also been lack of consolidation in recent years. Dolphin Drilling

can play a central role with its market-leading organization and strong

operational platform", says Svelland.

The company's new CEO Jon Oliver Bryce took office on February 1 this year

after having served as Chief Strategy Officer since November 2023. Bryce has

over 30 years of experience in the rig industry, including senior leadership

roles at Awilco Drilling and Odfjell Drilling.

"I have great confidence in Bryce and the rest of the management. Together we

will take strategic steps that we are confident will lead to solid value

creation in the coming years", says Steen."

For further information, please contact:

Ronny Bjørnådal ronny@bjornadal.info +47 918 50 549