Dolphin Drilling AS — Earnings Release 2022

Feb 28, 2023

Dolphin Drilling presents its fourth quarter and interim full-year 2022 financial results

Dolphin Drilling presents its fourth quarter and interim full-year 2022 financial results

(Oslo, 28 February 2023) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL)

today announces a company update following the release of the fourth quarter

2022 financial results, where the key event was the Special Periodic Survey

(SPS) of the Blackford Dolphin prior to the commencement of the drilling

contract with General Hydrocarbons Limited (GHL).

"The fourth quarter of 2022 was a busy period for Dolphin Drilling with the

finalization of the preparation of the Blackford Dolphin to commence its 12

-month drilling contract for GHL in Nigeria in mid-March 2023. Our preparations

in the fourth quarter provided a good platform for 2023 when we will return to

revenue-generating operations," says Bjørnar Iversen, CEO of Dolphin Drilling.

During the first months of 2023, Dolphin Drilling signed a Letter of Award (LOA)

for additional work in Nigeria in direct continuation with the drilling contract

with GHL. The LOA has the potential to extend the backlog by a minimum of 120

days and up to 485 days. The effective day rate associated with the minimum firm

period of the LOA is USD 325,000, including the mobilization fee.

"The most recent LOA to extend Blackford's backlog underlines the potential of

our assets. We currently see increased tender activity for standard moored rigs

in all global markets underlines these expectations," Bjørnar Iversen concludes.

Dolphin Drilling will present its fourth quarter 2022 and interim full-year

results in a webcast today, 28 February 2022, at 10:00 CEST. The presentation

material is enclosed with this announcement. The webcast can be accessed from

this link:

Dolphin Drilling Q4 webcast 2802.2023 - registration

link (https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fforms.off

ice.com%2Fe%2Fr28gercdZQ&data=05%7C01%7Cingolf.gillesdal%40dolphindrilling.com%7C

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125754763514350%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBT

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mE5EPhSJH8%3D&reserved=0)

Questions may be submitted online during the presentation. The fourth quarter

report and presentation are attached to this release and is available on the

company's website. A recording of the presentation will also be made available

after today's event.

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 approximately 260

offshore and onshore employees, and onshore locations in Norway, Scotland,

Brazil, Nigeria, and Mexico.