Dolphin Drilling AS - Capital/Financing Update 2024

Dolphin Drilling announces agreement with GHL

(Oslo, 26 March 2024) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today

announces an agreement with General Hydrocarbons Limited (GHL) regarding past

due payment amounts and remaining work under the drilling contract.

Reference is made to the fourth quarter 2023 financial report which reported an

outstanding balance with GHL. Dolphin Drilling has in 2024 received two

installments, as announced 9 January 2024 and 2 February 2024 respectively.

The agreement is intended to enable Dolphin Drilling to receive payment of all

sums due under the contract, and to enable GHL to continue to utilise the

Blackford Dolphin for an agreed period of time. Following the agreement, the

company has received a further payment and Blackford will continue operations

for GHL. The next payment in the plan is due by late April 2024.

"It was important for us to find a win / win solution with GHL on the current

contract, payment and work scope, and to create a predictable exit for the rig

Blackford Dolphin from Nigeria while also ensuring on-time delivery of the unit

for our next client in India", says Bjørnar Iversen, CEO of Dolphin Drilling.

Upon conclusion of the agreement the Blackford Dolphin will depart Nigeria for

India.

ENDS

For further information, please contact:

Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com

Dolphin Drilling is a leading harsh environment drilling contractor for the

offshore oil and gas industry. Dolphin Drilling owns a fleet of four high

technical standard 4th and 5th generation enhanced Aker H3 and H4 units,

Borgland Dolphin, Blackford Dolphin, Paul B. Loyd, Jr. and Dolphin Leader

operated by an experienced team with a strong operational track record. The

company has offshore and onshore offices and operations in Norway, Scotland,

Brazil, and Nigeria.

AI assistant