Dolphin Drilling AS - Capital/Financing Update 2025

Dolphin Drilling Refinance Plan Update

OSLO -- May 4, 2025 -- Dolphin Drilling AS (Dolphin Drilling AS, OSE: DDRIL):

Reference is made to previous stock exchange announcement by the company dated

April 30, 2025, regarding the company's refinancing plan. As set out in that

announcement, the company has entered into an amendment agreement with respect

to its existing USD 65 million facility agreement dated December 22, 2023 with

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

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 May 31, 2025 (the "Waiver and

Payment Deferral").

The lender under the Secured Facility has today consented to an extension of

certain conditions for the Waiver and Payment Deferral from May 5, 2025, until

and including May 31, 2025.

For further information, please contact:

Ingolf Gillesdal, CFO

Mob: +47 920 45 320

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

2025-05-04 23:25 CEST.

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