Dolphin Drilling AS - Major Shareholding Notification 2025

DDRIL - Disclosure of shareholding

4 March 2025: Reference is made to the stock exchange notice published on 3

March 2025 regarding a potential sale of existing shares in Dolphin Drilling

AS (the "Company") by S.D. Standard ETC Plc ("SDSD") through a private

placement (the "Placing"). SDSD has sold 49,784,706 shares in the Company

through the Placing (representing 17.1% of the outstanding share capital in

the Company) at a price of NOK 1.1 per share for a total transaction size of

NOK 55 million. Following completion of the Placing, SDSD holds 0 shares in

the Company. SDSD is currently represented on the Board of Directors of the

Company. Strategic Value Partners have concluded not to sell any shares.

It is understood that funds controlled by Svelland Capital Trading have

acquired 30 million shares and BO Steen Shipping have acquired 15 million of

the shares, bringing Svelland Capital Trading to a total ownership of c. 34%

and BO Steen Shipping to an ownership of c. 10%. SVP remains the owner of c.

24% of the company.

The company will commence the process of forming a nomination committee with a

view to reviewing the Board structure and setting the forward strategy in

conjunction with the CEO.

It should also be noted that Svelland Capital Trading and BO Steen Shipping

have jointly acquired SDSD's portion of the outstanding Shareholder loan.

The loan documents with Maritime Asset Partners LP ("MAP") have a share

price/market cap covenant for Dolphin Drillings of no less than NOK

600m. Accordingly, the company will be monitoring this covenant to deal and

liaise with the lender as need be if, at the time of its quarterly testing and

calculation, the requisite market capitalisation levels aren't met.

Arctic Securities AS and DNB Markets, a part of DNB Bank ASA, acted as joint

bookrunners in connection with the Placing (the "Managers"). This disclosure

is made pursuant to section 4-2 of the Norwegian Securities Trading Act