Dolphin Drilling AS — Share Issue/Capital Change 2022

Oct 28, 2022

First day of trading for Dolphin Drilling AS on Euronext Growth

First day of trading for Dolphin Drilling AS on Euronext Growth

Oslo, 28 October 2022 Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today

announces public trading on Euronext Growth, following the successful previously

announced private placement and share issue with total gross proceeds of USD 45

million. The company's Blackford Dolphin will commence a 12-month USD 96 million

contract in the fourth quarter 2022, and Dolphin Drilling reiterates its strong

outlook.

"Dolphin Drilling has attractive assets, a strong team and a solid platform to

leverage on the favorable market development with improved rates. The most

recent contract for Blackford Dolphin underlines the potential of the company

and its assets, and we believe Dolphin Drilling will capitalize on the continued

expected tight rig market for the rest of the fleet," says Martin Nes, Chairman

of Dolphin Drilling.

Dolphin Drilling today owns three harsh environment moored semisubmersibles

which have been rebuilt with 4[th] and 5[th] generation rigs. The company is

well-positioned to secure additional contracts at attractive levels, benefitting

from current market improvements and an attractive positioning in the niche

moored semisubmersible market. In addition, the opportunity to acquire and/or

manage two latest generation harsh environment semisubmersibles as well as to

manage and operate non-owned rigs provide attractive additional growth

opportunities.

The company successfully completed a private placement 5 September 2022 which

attracted strong interest from high-quality institutional investors. It raised

gross proceeds of USD 45 million. On 4 October 2022, the company announced the

award of the 12-month contract for the moored semisubmersible Blackford Dolphin

by General Hydrocarbons Limited in Nigeria. The total value of the contract is

approximately USD 96 million. The proceeds from the private placement will

primarily be used to finance the special periodic survey and mobilization of

Blackford Dolphin, as well as the reactivation of Borgland Dolphin, general

corporate purposes and working capital.

"The first day of trading represents an important milestone for the company and

returning the company to the public markets further strengthens our commitment

to our strategy. Our three harsh environment semisubmersibles are fit for

purpose and capable of delivering cost efficient services for customers," says

Bjørnar Iversen, CEO of Dolphin Drilling.

On 28 October 2022, the shares of Dolphin Drilling commence trading on Euronext

Growth under the ticker code DDRIL. A separate announcement was published

earlier today concerning an information document published in relation to the

listing on Dolphin Drilling's website https://www.dolphindrilling.com/investor

-relations.

Dolphin Drilling retained DNB Markets, a part of DNB Bank ASA, Arctic Securities

AS and Pareto Securities AS as managers in connection with the private

placement. DNB Markets has acted as Euronext Growth Advisor in connection with

the admission. Advokatfirmaet Schjødt AS is acting as legal counsel to Dolphin

Drilling.

For further information, please contact:

Stephen Cox email: stephen.cox@dolphindrilling.com, tel: +44 7800 612 130

Ingolf Gillesdal email: ingolf.gillesdal@dolphindrilling.com, tel: +47 920

45 320

Dolphin Drilling | www.dolphindrilling.com

Dolphin Drilling is a leading harsh environment drilling contractor for the

offshore oil and gas industry. Dolphin Drilling owns a fleet of three high

-technical standard 4[th] and 5[th] generation enhanced Aker H3 units, Borgland

Dolphin, Blackford Dolphin, and Bideford Dolphin, operated by an experienced

team with strong operational track record. The company has approximately 260

offshore and onshore employees, and onshore locations in Norway, Scotland,

Brazil, Nigeria, and Mexico.