Dolphin Drilling AS — Remuneration Information 2023

Jun 22, 2023

Dolphin Drilling AS: PDMR notification

Dolphin Drilling AS: PDMR notification

Oslo, 22 June 2023: Reference is made to the stock exchange announcement by

Dolphin Drilling AS (the "Company") on 22 June 2023 regarding the successful

placing of a private placement of new shares (the "Private Placement"), and the

establishment of a long-term incentive program (the "LTIP") for the executives

and management of the Company.

The following primary insiders have been granted the following number of

options:

· Bjørnar Iversen, Chief Executive Officer of the Company, has been granted

1,950,000 options;

· Stephen Cox, Chief Financial Officer of the Company, has been granted

1,700,000 options;

· Per Vangsgaard, Chief Technical Officer of the Company, has been granted

655,000 options;

· Johan Finnestad, Chief Operating Officer of the Company, has been granted

655,000 options;

· Ingolf Gillesdal, Vice President Corporate Finance and Investor Relations of

the Company, has been granted 200,000 options;

· Michelle Crawford, Vice President Human Resources of the Company, has been

granted 200,000 options; and

· Stephanie Freeman, Chief Accounting Officer of the Company, has been granted

200,000 options.

After the above-mentioned allotment, if all conditions are met, the total number

of issued share options in the Company is 5,560,000.

In connection with the Private Placement S.D. Standard ETC Plc ("SDS") has

subscribed for, and been allocated, Offer Shares for approximately USD 7 million

in the Private Placement. SDS is a close associate to Martin Nes, chair of the

Company's board of directors.

In addition, the following primary insiders of the Company and their closely

associated companies have subscribed for, and been allocated, Offer Shares in

the Private Placement at the Offer Price as follows:

· ARL Invest AS, a company closely related to Alf Ragnar Løvdal, Director of

the Board of the Company, was allocated 135,153 Offer Shares;

· Veiholmen Brygge AS, a company closely related to Bjørnar Iversen, Chief

Executive Officer of the Company, was allocated 67,576 Offer Shares;

· Stephen Cox Chief Financial Officer of the Company, was allocated 35,477

Offer Shares;

· GolfNYC AS, a company closely related to Ingolf Gillesdal, VP Corporate

Finance and Investor Relations of the Company], was allocated 33,788 Offer

Shares

· Steen Damgaard, Chief Commercial Officer of the Company, was allocated

21,286 Offer Shares

· Johan Finnestad Chief Operational Officer of the Company was allocated

13,515 Offer Shares;

· Per Vangsgaard Chief Technical Officer of the Company, was allocated 13,515

Offer Shares

· Stephanie Freeman, Chief Accounting Officer of the Company, was allocated

8,869 Offer Shares

Please see the attached forms for further details of the transactions.

***

This information is subject to the disclosure requirements in articles 19 of the

Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the

Norwegian Securities Trading Act.

For further information, please contact:

Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320