Dolphin Drilling AS — Share Issue/Capital Change 2011

Jan 5, 2011

DOLPHIN GROUP ASA - APPROVED PROSPECTUS AND LISTING OF NEW SHARES

Oslo, 5 January 2011 - Dolphin Group ASA (OSE:DOLP).

Reference is made to the stock exchange announcements

dated 13 December 2010 and 20 December 2010 regarding

the completed private placement and the extraordinary

general meeting in the company.

The Financial Supervisory Authority of Norway

(Finanstilsynet) has today approved the following

prospectus:

Listing on Oslo Børs of 151,673,000 new shares in

Dolphin Group ASA issued in connection with a private

placement of shares completed on 10 December 2010 at

a subscription price per share of NOK 2.50, and the

Subsequent Offering of up to 4,824,000 Offer Shares

at an Offer Price of NOK 2.50 per Offer Share with

preferential rights for Eligible Shareholders as of 9

December 2010.

Subscription Period for the Subsequent Offering: 10

January - 21 January 2011 at 17:30 (CET), both dates

inclusive. Preferential rights not used to subscribe

for Offer Shares before the expiry of the

Subscription Period will be of no value and will

lapse without compensation to the holder.

Eligible Shareholders as of 9 December 2010, as

registered in the VPS on 14 December 2010, have

preferential rights to participate in the subsequent

offering. Eligible shareholders will be notified in a

separate letter with an overview of rights allocated.

Oversubscription is allowed. Please refer to the

prospectus dated 5 January 2011 for further details.

The prospectus and application form for the

subsequent offering is available at the Company's

website www.dolphinics.com and at the websites of the

managers, First Securities (www.first.no) and SEB

Enskilda (www.sebenskilda.no).

The prospectus can also be received free of charge on

request to the managers or the company.

With the approval of the prospectus, all of the

151,673,000 issued shares in the private placement

will be listed on Oslo Stock Exchange from 6 January

2011. The shares will be listed under the same ISIN

and ticker code as the Company's other shares. Upon

the issuance of the new shares, the Company has a

total of 159,859,705 listed shares.

The Company's share capital is NOK 319,719,410,

divided into 159,859,705 Shares each with a nominal

value of NOK 2.00.

This information is subject of the disclosure

requirements acc. to §5-12 (Norwegian Securities

Trading Act).

For further information, please contact

Ketil Sundal, CFO

Tlf: 23 16 70 02

Mob: 95 92 21 04

E-post: ketil@dolphinics.com

Dolphin Group ASA

Olaf Helsetsvei 6

0619 OSLO

Tlf: 23 16 70 00

Fax: 23 16 71 80

www.dolphinics.com