Dolphin Drilling AS - Share Issue/Capital Change 2023

Dolphin Drilling AS: Completion of share capital reduction and new par value

(Oslo, 25 August 2023) Reference is made to the stock exchange announcement

published by Dolphin Drilling AS (the "Company") on 30 June 2023 regarding the

minutes from the extraordinary general meeting (the "EGM"), where the EGM

resolved to reduce the share capital of the Company by NOK 1,118,870,091.00 by

reducing the nominal value of the shares from NOK 10 to NOK 1 and issuing a new

temporary share class ("A-shares").

The creditors' notice period for the share capital reduction expired on

Thursday, 17 August 2023, with no objections received, and the share capital

reduction has today been registered in the Norwegian Register of Business

Enterprises. As a result of the share capital reduction, each class A -share

issued at the EGM has been converted automatically to ordinary shares by way of

a split into 10 ordinary shares and transferred to the ordinary ISIN of the

Company.

Following the implementation of the share capital reduction, the share split and

the conversion of A-shares to ordinary shares, the Company's new share capital

is NOK 208,790,099, divided on 208,790,099 shares, each with a par value of NOK

Disclosure regulation:

This information is subject to a duty of disclosure pursuant to the Company's

continuing obligations as a company listed on Euronext Growth Oslo and the EU

Market Abuse Regulation.

For further information, please contact:

Ingolf Gillesdal, email: [email protected], 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 a strong operational track record. The company has offshore and

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

Nigeria.

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