Dolphin Drilling AS - Share Issue/Capital Change 2023

Dolphin Drilling AS: New share capital registered

(Oslo, 6 July 2023) Reference is made to the stock exchange announcement made by

Dolphin Drilling AS (the "Company") on 30 June 2023 regarding the minutes from

the extraordinary general meeting (the "EGM") of the Company held on the same

date.

The new share capital reflecting the issue of the 8,447,120 new A-shares

approved at the EGM has now been registered in the Norwegian Register of

Business Enterprises. The Company's new share capital is NOK 1,327,660,190,

divided on 124,318,899 ordinary shares and 8,447,120 class A-shares, all of NOK

10 par value. The A-shares will be held on a separate ISIN and will not be

admitted to trading on Euronext Growth Oslo. Upon the completion of the share

capital reduction approved at the EGM, expected medio August 2023, each class A

-share will be converted to ordinary shares by way of a split into 10 ordinary

shares and transferred to the ordinary ISIN of the Company.

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 4th and 5th 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 offices and operations in Norway, Scotland, Brazil, and Nigeria.

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