Dolphin Drilling AS — Earnings Release 2025

May 28, 2025

Preliminary Results as of First Quarter 2025

Preliminary Results as of First Quarter 2025

Oslo, Norway, 28 May 2025.

Dolphin Drilling AS (OSE: DDRIL) today announced its preliminary financial

results for the first quarter 2025.

Q1 2025, Highlights and Subsequent Events

* Revenue Growth: Revenues of USD 45.6 million for the first quarter, compared

to USD 10.1 million in Q1 2024.

* EBITDA Improvement: EBITDA of USD 4.9 million for the first quarter, a

significant improvement from an EBITDA loss of USD 17.0 million in Q1 2024.

* Net Earnings: Net Loss of $8.2M or USD 0.03 per share compared to a loss of

USD 16.8 million or USD 0.08 per share in Q1 2024.

* Continued strong Safety Records: The company maintained a strong safety

record, with zero Lost Time Incidents recorded during the quarter.

* Rig Utilization: Paul B. Loyd, Jr ("PBLJ") and Blackford Dolphin both on

contract for the full Quarter, PBLJ at an average uptime of 95.0% and

Blackford Dolphin at 86.5%.

* Leadership Change: Jon Oliver Bryce was appointed CEO, Ingolf Gillesdal

appointed CFO; and Ronny Bjornådal appointed as Chairman.

* New major long-term investors: Svelland Capital has become the largest

shareholder group of the company, controlling funds accounting for 36% of

shareholding.

* On April 30th the company issued a press release disclosing information

relating to its going concern and liquidity position, as well as on-going

refinance process.

* Immediately following this preliminary earnings release, DDRIL will launch a

contemplated private placement of approximately NOK 297,644,400, equivalent

to approximately USD 29 million by issuance of approximately 29,764,440,000

new shares with a subscription price per offer share at a fixed price of NOK

0.01. See separate press release regarding the same for further details.

Please find attached the Interim Financial Information report which will also

be made available on the Company's website.

For further information, please contact: Ingolf Gillesdal, CFO, tel: +47 920

45 320

Dolphin Drilling | www.dolphindrilling.com (http://www.dolphindrilling.com/)

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 subject to disclosure requirements pursuant to the

Securities Trading Act §5-12.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication at

2025-05-28 20:14 CEST.