Dolphin Drilling AS — Capital/Financing Update 2010

Dec 10, 2010

DOLPHIN SUCCESSFULLY COMPLETES PRIVATE PLACEMENT

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR

INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,

AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH

THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER

RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT

NOTICE AT THE END OF THE STOCK EXCHANGE RELEASE.

OSLO, Norway, 10 December, 2010 - Dolphin

Interconnect Solutions ASA (OSE: DOLP)

Reference is made to the notice published by Dolphin

Interconnect Solutions ASA ("Dolphin") on 8 December

2010 regarding a contemplated equity issue through a

private placement (the "Private Placement") of new

shares.

The company is pleased to announce that it has

received subscriptions for more than NOK 360 million

and that the book is closed.

The Board of Dolphin will propose to conduct a

subsequent offering directed towards shareholders in

Dolphin that did not participate or were not invited

to participate in the Private Placement. The

subsequent offering issue price will be NOK 2.50, in

line with the issue price in the Private Placement.

The shares in Dolphin will trade excluding the right

to participate in the subsequent offering from 10

December 2010.

SEB Enskilda and First Securities AS are acting as

joint lead managers and bookrunners.

For further information, please contact:

Atle Jacobsen

Chairman, Dolphin Interconnect Solutions ASA

Tel. + 47 977 15 336

Erik Hokholt

Board member, Dolphin Interconnect Solutions ASA

Tel. +47 907 56 064

Ketil Sundal

CFO, Dolphin Interconnect Solutions ASA

Tel. + 47 959 22 104

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)