Dolphin Drilling AS — Director's Dealing 2025

Jul 21, 2025

Dolphin Drilling AS Mandatory notification of transactions by primary insiders and close associates

Dolphin Drilling AS Mandatory notification of transactions by primary insiders and close associates

Oslo, 21 July 2025: Reference is made to the stock exchange announcements made

by Dolphin Drilling AS (the "Company") on 30 May 2025 regarding the private

placement of 29,764,440,000 new shares in the Company raising gross proceeds

of NOK 297,644,400, equal to approx. USD 29 million (the "Private Placement")

and a potential subsequent share offering of up to 27,803,642,659 new shares

in the Company, on 17 June 2025 regarding completion of an extraordinary

general meeting in the Company and earlier today on 21 July 2025 providing an

update on the Private Placement and related refinancing.

As resolved by the extraordinary general meeting and upon consummation of the

Private Placement, the following primary insiders of the Company and their

close associates will receive shares in the Private Placement:

* Bjørnådal Invest AS, a close associate of chair of the board of directors

Ronny Bjørnådal, will receive 481,274,750 shares in the Private Placement.

* B.O Steen Shipping AS, a close associate of board member and primary insider

Bertel Steen, will receive 4,812,747,500 shares in the Private Placement. In

addition, Skarris Kapital AS, also considered a close associate of Bertel

Steen, will receive 114,616,515 shares in the Private Placement.

* The Company's CEO, Jon Oliver Bryce, will receive 25,000,000 shares in the

Private Placement.

* Golfnyc AS, a close associate of CFO and primary insider Ingolf Gillesdal,

will receive 25,000,000 shares in the Private Placement.

* The Company's COO, Johan Finnestad, will receive 20,000,000 shares in the

Private Placement.

* The Company's CTO, Per Vangsgaard, will receive 15,000,000 shares in the

Private Placement.

Please see the enclosed forms for further details.

Please refer to the stock exchange announcement published earlier today on 21

July 2025 for further information on the consummation of the Private

Placement. Separate announcements will be made in connection with issuance and

subscription of new shares (commission shares) to investors who pre-committed

to subscribe for shares in the Private Placement, payable by the Company as

compensation for their pre-commitments.

For further information, please contact:

Ingolf Gillesdal, CFO

Mob: +47 920 45 320

Mail: Ingolf.gillesdal@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 information that Dolphin Drilling is obliged to make

public pursuant to the EU Market Abuse Regulation. The information was

submitted for publication, through the agency of the contact persons set out

above, at 2025-07-21 16:40 CEST.