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Dolphin Drilling AS Director's Dealing 2011

Jan 27, 2011

3582_dirs_2011-01-27_3e321c30-8bd1-4545-aee8-bee625564ffe.pdf

Director's Dealing

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DOLPHIN GROUP ASA

Attachment to stock exchange notice 27th January 2011.

Overview over options granted to primary insiders and total number of options, shares and warrants controlled by the primary insiders as of today.

Primary insider Atle Jacobsen has been granted 532,000 options. In addition, Atle Jacobsen controls 2,817,034 shares and 1,598,000 warrants in Dolphin. Moreover, 25,000 shares in Dolphin are controlled by Atle Jacobsen's close associate according to section 4-1 (3) of the Securities Trading Act.

Primary insider Erik Hokholt has been granted 456,000 options. In addition, Erik Hokholt controls 2,900,000 shares and 1,598,000 subscription rights in Dolphin.

Primary insider Peter Allan Hooper has been granted 456,000 options. In addition, Peter Allan Hooper controls 1,260,000 shares in Dolphin. Peter Allan Hooper further controls 50% of the shares in Energy Exploration AS that controls 2,397,000 warrants in Dolphin.

Primary insider Bjarne Ole Stavenes has been granted 456,000 options. In addition, Bjarne Ole Stavenes controls 420,000 shares in Dolphin. Bjarne Ole Stavenes further controls 50% of the shares in Energy Exploration AS that controls 2,397,000 warrants in Dolphin.

Primary insider Phil Suter has been granted 456,000 options. In addition, Phil Suter controls 140,000 shares and 1,198,500 subscription rights in Dolphin.

Primary insider Tim Wells has been granted 456,000 options. In addition, Tim Wells controls 1,198,500 subscription rights in Dolphin.

Primary insider Michael Hodge has been granted 700,000 options. In addition, Michael Hodge controls 400,000 shares in Dolphin.

Primary insider Ketil Sundal has been granted 306,000 options. Previously, Ketil Sundal has been granted 150,000 options and thus he controls 456,000 options in total. Also, Ketil Sundal controls 20,000 shares in Dolphin.