Dolphin Drilling AS - M&A Activity 2025

Dolphin Drilling: Borgland Dolphin Signed Letter of Intent

Oslo, 2 September 2025: Dolphin Drilling AS (the "Company") today announces

that an undisclosed party has signed a letter of intent for a contract for the

rig Borgland Dolphin.

The potential contract would be expected to have a value of approximately USD

58 million. The scheduled commencement would take place in the second half of

2026, and include payments for preparation for operation, mobilisation and

demobilisation. Discussions between the parties are still ongoing and there

can be no certainty as to whether the potential contract will be entered into.

The award of the contract is subject to the terms and conditions of the

contract (i) having been mutually agreed between the counterparty and the

Company, and (ii) the counterparty having received all necessary approvals,

including partner acceptances.

As a consequence of the above and in order to comply with regulatory

requirements in connection with the ongoing subsequent repair offering, the

Company will as soon as practicably possible publish a prospectus supplement

(subject to approval by the Financial Supervisory Authority of Norway) to the

prospectus dated 25 August 2025.

For further information, please contact:

Ingolf Gillesdal, CFO

Mob: +47 920 45 320

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 has been submitted pursuant to the Securities Trading Act §

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

2025-09-02 16:02 CEST.

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