Dolphin Drilling AS

Dolphin Drilling AS Board resolution to increase share capital

Oslo, 8 December 2025: Reference is made to the stock exchange announcements

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

private placement of new shares in the Company, raising gross proceeds of NOK

151.5 million, equivalent to approximately USD 15 million (the "Private

Placement"), and on 1 December 2025 regarding the Company's extraordinary

general meeting resolving to, inter alia, approve the issuance of new shares

in the Private Placement and grant an authorisation to the Board to issue new

shares as compensation to the underwriters in the Private Placement (the

"Commission Shares").

The Company's board of directors has resolved to increase the share capital by

issue of 1,377,477,272 Commission Shares, as authorised by the extraordinary

general meeting on 1 December 2025.

Upon registration of the share capital increase, the Company's registered

share capital will be NOK 477,847,279.46, divided into 47,784,727,946 shares,

each with a nominal value of NOK 0.01.

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 the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act and the Euronext Growth Rule Book

Part II.

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