Dolphin Drilling AS - Capital/Financing Update 2025

Dolphin Drilling AS amendment to bond

Oslo, 1 December 2025: Reference is made to the stock exchange announcement

made by Dolphin Drilling AS (the "Company") on 11 November 2025 regarding the

private placement of 13,774,772,727 new shares in the Company (the "Offer

Shares") at a subscription price of NOK 0.011 per share, raising gross

proceeds of approximately NOK 151.5 million, equivalent to approximately USD

15 million (the "Private Placement").

Completion of the Private Placement is, among other things, conditional upon

the Company's wholly owned subsidiary Dolphin Drilling Offshore AS entering

into a binding agreement with Nordic Trustee AS in relation to the bond terms

for the "Dolphin Drilling Offshore AS 12,50% senior secured USD 41,505,376

bonds 2025/2027" with ISIN NO0013615567 to allow amortisation relief under the

bonds.

The Company hereby announces that Dolphin Drilling Offshore AS entered into

such an agreement with Nordic Trustee AS, thereby fulfilling this condition.

As a result, the remaining conditions for completion of the Private Placement

are: (i) the Company's extraordinary general meeting to be held today

resolving to approve the Private Placement and issue the Offer Shares, as well

as approval of ancillary resolutions necessary to consummate the Private

Placement, including an authorisation to issue commission shares; and (ii)

registration of the share capital increase pertaining to the issue of shares

with the Private Placement in the Norwegian Register of Business Enterprises.

For further information, please contact: Ingolf Gillesdal, CFO, tel: +47 920

45 320

Dolphin Drilling | www.dolphindrilling.com (http://www.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 is subject to disclosure under the Norwegian Securities

Trading Act, §5-12.

AI assistant