Disclosure of holdings

Armada Seismica ASA ("Armada") has granted a

convertible loan to Dolphin of up to USD 6.5 million

in order for Dolphin to fund 13 % of the purchase

price for seismic equipment on Polar Duke. If Dolphin

exercises its option to charter a vessel similar to

Polar Duke from Armada, Armada will be entitled to

convert this loan into shares in Dolphin at a

conversion price of NOK 2.50. Provided that the

principal amount of this loan is converted to share

capital and the value of 1 USD is NOK 6, Armada will

receive 15,600,000 shares. Following the increase in

the share capital in Dolphin that was registered with

the Register of Business Enterprises

(Foretaksregisteret) on 31 January 2011, Armada's

shareholding will, if converted, fall below the 10%

threshold in the Norwegian Securities Trading Act and

will correspond to 9.47% of the current registered

share capital in Dolphin. If the value of the dollar

increases or accrued interest is converted to share

capital, Armada will receive more shares.

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