Dolphin Drilling AS — Capital/Financing Update 2025

Apr 30, 2025

Dolphin Drilling Pursuing a Refinancing Plan

Dolphin Drilling Pursuing a Refinancing Plan

OSLO -- April 30, 2025 -- Dolphin Drilling AS (Dolphin Drilling AS, OSE:

DDRIL) announces that the company is pursuing a refinancing plan.

The company has explored several refinancing options and this process is

ongoing. Among the measures that are being discussed are: (i) a potential

conversion of an existing USD 15 million shareholder loan; (ii) a new equity

issue in cash of a NOK amount equivalent to approximately USD 15 million (a

"Private Placement"); (iii) certain amendments to the repayment profile of the

company's existing USD 65 million facility agreement dated December 22, 2023

with security inter alia over the rig Paul B Lloyd Jr. (the "Secured

Facility"); (iv) a new secured loan in the amount of minimum USD 20 million;

and (v) certain other cash management improving initiatives. The company and

the relevant stakeholders have not yet been able to establish an agreed

refinancing plan.

With respect to the Secured Facility, the company has entered into an

amendment agreement providing for amortisation relief of the instalments

payable for April, May and June 2025 for a total amount of USD 5 million and a

waiver of the market capitalisation covenant from March 2025 until 31 May 2025

(the "Waiver and Payment Deferral"). The Waiver and Payment Deferral is

subject to various conditions inter alia that certain cash management

improvement initiatives are implemented no later than 5 May 2025.

The company has mandated Arctic Securities AS as Global Coordinator and

Bookrunner for the Private Placement. Wikborg Rein Advokatfirma AS is acting

as legal counsel to the Company.

The above initiatives are pursued to secure the company's going concern and

address a challenging liquidity position stemming from (i) overdue accounts

payables; (ii) the possibility of a negative outcome of the UK legacy tax case

with the His Majesty's Revenue and Customs (HMRC); (iii) a scheduled Special

Periodic Survey (SPS) of the rig Paul B Lloyd Jr. of net USD 20 million; and

(iv) increased operational expenses with respect to the rig Blackford Dolphin.

As a result of the foregoing, the company is amending its financial calendar

such that the date of the publication of the company's 2024 annual report will

be changed to 30 May 2025.

For further information, please contact:

Ingolf Gillesdal, CFO

Mob: +47 920 45 320

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.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2025-04-30 23:55 CEST.