Dolphin Drilling AS — Board/Management Information 2025

Mar 28, 2025

DDRIL: Appointed permanent CEO and new CFO

DDRIL: Appointed permanent CEO and new CFO

OSLO -- March 28, 2025: Dolphin Drilling AS (Dolphin Drilling AS, OSE: DDRIL)

today announces changes to the Company's senior management team, following

events disclosed on the 29th of January and the 28th of February 2025.

Jon Oliver Bryce has been appointed permanent Chief Executive Officer (CEO),

effective immediately.

"I am highly confident that Dolphin Drilling, under Bryce's steady and

experienced leadership, will foster a culture with strong customer focus

embracing new business opportunities utilising our unique platform, supported

by new strategic investors with a long-term view focusing on creating

shareholder value", said Chairman Ronny Bjørnådal in Dolphin Drilling

Bryce is an established industry figure with more than 30 years experience in

the Oil and Gas industry, having previously held senior leadership positions

at Awilco Drilling and Odfjell Drilling. He has been the company's Chief

Strategy Officer since November 2023 and interim CEO since January this year.

He is also the current chair of The British Rig Owners Association (BROA) and

a Supervisory Board Member of the UK Chamber of Shipping.

"I see opportunity for Dolphin Drilling going forward. In the drilling rig

sector that we currently operate, supply is at an all time low following a

prolonged period of downturn and scrapping. Rig demand, however, is now

building due to a combination of macro and basin-specific reasons, creating an

ever-tightening market segment. With a highly competent organisation, our

60-year track-record of delivering operational excellence across the globe and

now the backing of new major shareholders, the company is uniquely positioned

to capitalise on this emerging market imbalance and to create value", said

Bryce.

The new CEO also believes the market will see a consolidation going forward

and believes that Dolphin Drilling will play a major part.

"Initially we will focus on the day-job, delivering an improved version of

Dolphin Drilling, with a high focus on cost control, organisational

optimization and maximising financial efficiency. Moving forward though, we

will look to grow and sector-consolidate through opportunistic & accretive

M&A, where synergies and economies of scale can further enhance our investment

case", said Bryce.

As announced on the 28th of February 2025, the current Chief Financial Officer

(CFO) Stephen Cox will step down. VP Corporate Finance & Investor Relations,

Ingolf Gillesdal, has been promoted to CFO, effective from the 15th of April.

Cox will stay on until the summer to support the Company and the CFO

transition.

"I am very pleased to announce Mr. Gillesdal to follow Mr. Cox as CFO. We are

extremely satisfied with the job Mr. Cox has done for the Company over the

past 5 years as well as his strong dedication to ensure a seamless transition

over the next few months. Furthermore, we are very satisfied that we were able

to secure valuable continuity in Mr. Gillesdal with strong focus on control

and compliance, which is highly important to secure a steady financial

platform to position the Company well for future business opportunities", said

Bjørnådal.

Gillesdal has more than 25 years experience in the rig industry starting off

in corporate and investment banking before moving into operations in

marketing, finance and strategy.

"Mr. Gillesdal has been with Dolphin Drilling since 2018 and has an in-depth

knowledge of the company. He is an asset on many different levels including

his strong and established relationships with the investor markets and our

clients", said Bryce.

At the Company's EGM on the 27th of March 2025 a new Board was elected with

Ronny Bjørnådal as the new Chairman and Bertel Steen as a new Board Member. In

Q1 2025 Svelland Capital and B.O. Steen Shipping increased their shareholdings

in Dolphin Drilling to 36% and 10% respectively.

For further information, please contact:

Ingolf Gillesdal, VP Corporate Finance & Investor Relations, mob: +47 920 45

320 or mail: ingolf.gillesdal@dolphindrilling.com

About Dolphin Drilling AS:

Dolphin Drilling AS is an Oslo listed, Aberdeen head-quartered, company which

owns and operates a fleet of harsh environment mid-water & deep-water

semisubmersible drilling rigs, capable of working worldwide. With the

Company's 60 year history, first class organization and high standing, it is

uniquely positioned to capitalize on Europe's need for more energy to secure

its energy supply going forward.

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-03-28 13:19 CET.