Dolphin Drilling AS — Earnings Release 2024

Aug 28, 2024

Dolphin Drilling AS - Second quarter and first half 2024 financial results

Dolphin Drilling AS - Second quarter and first half 2024 financial results

(Oslo, 28 August 2024) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today

announced its unaudited results for the second quarter and half year 2024.

The highlights and subsequent events include:

· Operating revenues of USD 16.4 million and an EBITDA of USD (6.3) million.

Earnings per share was USD (0.05) in the second quarter of 2024

· Operating revenues for the first half of 2024 were USD 26.4 million and an

EBITDA of USD (23.2) million. Earnings per share resulted in a loss of USD 0.11

per share

· The revenue backlog for Dolphin Drilling is USD 431 million as of the

reporting date

· In her first full quarter under Dolphin Drilling operations and

responsibility, Paul B. Loyd, Jr. had nearly 100% operational utilisation with

zero lost time incidents recorded

· In July 2024, Blackford Dolphin started its tow to India for its next

drilling campaign. An official contract signing ceremony with Oil India Ltd was

held in late July with drilling commencement expected in October 2024

· Borgland Dolphin towed from Norway to Las Palmas ahead of its upcoming

special periodic survey following the contract startup with EnQuest Ltd in the

UK in 2025

· On 10 April 2024, the company completed a private placement of 72 million

new shares, raising USD 40 million in equity to support its ongoing operations

"We are particularly pleased to report of a good safety record and close to 100%

uptime on the Paul B. Loyd, Jr. during the last quarter. Our two other rigs,

Blackford Dolphin and Borgland Dolphin, are on their way preparing for their

next contracts. Together with earnings from Paul B. Loyd, Jr., the contracts are

expected to provide a significant improvement in the financial results in the

coming quarters," said Bjørnar Iversen, CEO of Dolphin Drilling.

The preliminary earnings report and company presentation are enclosed.

The results will be presented on 28 August 2024 through an audiocast starting

15:00 CET. The presentation will be held by CEO Bjørnar Iversen and CFO Stephen

Cox.

Link to audiocast:

https://channel.royalcast.com/landingpage/hegnarmedia/20240828_3/

Participants may also visit the Investor Relations section of the company's

website at www.dolphindrilling.com and click on the link to "Webcast". There

will be a Q&A session following the presentation. Written questions can be

submitted through the audiocast solution during the presentation, or by email to

Ingolf.gillesdal@dolphindrilling.com in advance.

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 4th and 5th generation enhanced Aker H3 and H4 units,

Blackford Dolphin, Borgland Dolphin, and Paul B. Loyd, Jr., operated by an

experienced team with a strong operational track record. The company has

offshore and onshore offices and operations in Norway, Scotland, India and

Brazil.

This information is subject to disclosure requirements pursuant to the

Securities Trading Act §5-12.