Dolphin Drilling AS - Capital/Financing Update 2025

Dolphin Drilling Extension of Waiver and Payment Deferral

OSLO -- May 31, 2025 -- Dolphin Drilling AS (Dolphin Drilling AS, OSE: DDRIL):

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

April 30, 2025, and May 4, 2025, with respect to certain waivers and payment

deferrals under 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").

Reference is further made to stock exchange announcement of yesterday

regarding the successful private placement of new shares in the company for

gross proceeds of approximately NOK 297,644,400, equivalent to approximately

USD 29 million (the "Private Placement").

In contemplation of the consummation of the Private Placement, the company has

today entered into an updated amendment to the Secured Facility providing for

continued amortisation relief of the instalments payable in April 2025, May

2025 and June 2025, waiver of the market capitalisation covenant and waiver of

certain other requirements under the Secured Facility until July 31, 2025,

subject to consummation of the Private Placement and certain transactions

contemplated thereby on or before such date.

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

2025-05-31 20:39 CEST.

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