Dolphin Drilling AS — Earnings Release 2023

May 9, 2023

Dolphin Drilling presents its first quarter 2023 financial results

Dolphin Drilling presents its first quarter 2023 financial results

(Oslo, 9 May 2023) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today

announces a company update following the release of the first quarter 2023

financial results. The key event during the quarter was the commencement of the

drilling contract of the Blackford Dolphin with General Hydrocarbons Limited

(GHL).

"During the first quarter of 2023, Dolphin Drilling marked a new start for the

company as the Blackford Dolphin commenced its drilling contract with GHL in

Nigeria and returned to revenue-generating operations. The Blackford Dolphin is

well positioned to generate strong cash flow in the coming years with back-to

-back contracts secured for two drilling campaigns. Moreover, we note increased

rig demand in the West Africa region and limited available rig supply," says

Bjørnar Iversen, CEO of Dolphin Drilling.

Dolphin Drilling reported total revenues of USD 1.8 million in the first quarter

of 2023, compared to USD 0.4 million in the fourth quarter of 2022. The

Blackford Dolphin spent most of the quarter involved with the planned periodic

survey, recertification, and contract preparation for the GHL contract.

Blackford Dolphin commenced the 12-month contract with GHL in Nigeria on March

25, 2023.

During the first quarter, Dolphin Drilling converted an earlier signed Letter of

Award (LOA) into a firm contract that secured earning visibility into mid-2025

subject to options periods being exercised. The new contract with Peak Petroleum

at the neighboring field has a dayrate of USD 275,000 plus a USD 6 million

mobilization fee, providing a strong uptick from the GHL contract.

"Our two stacked harsh environment moored semisubmersible rigs have been

extensively marketed in the period. We recognize an increased interest in the

rigs, underlying the strengthened global rig demand and disciplined bidding

strategy among drilling contractors. Furthermore, we note of increased attention

for the pair of newbuild semisubmersible rigs, which are marketed for work in

harsh environments," Bjørnar Iversen adds.

Dolphin Drilling will present its results for the first quarter of 2023 in a

webcast today, 9 May 2023, at 10:00 CEST. The presentation material is enclosed

with this announcement. The webcast can be accessed from this link:

https://bit.ly/3VXe7YJ

Alternative

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For further information, please contact:

Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com

Dolphin Drilling is a leading harsh environment drilling contractor for the

offshore oil and gas industry. Dolphin Drilling owns a fleet of three high

-technical standard 4[th] and 5[th] generation enhanced Aker H3 units, Borgland

Dolphin, Blackford Dolphin, and Bideford Dolphin, operated by an experienced

team with a strong operational track record. The company has offshore and

onshore employees, and onshore locations in Norway, Scotland, Brazil, Nigeria,

and Mexico.