Dolphin Drilling AS — Share Issue/Capital Change 2025

Jul 23, 2025

Dolphin Drilling AS Board resolution to increase share capital

Dolphin Drilling AS Board resolution to increase share capital

Oslo, 23 July 2025: Reference is made to the stock exchange announcement made

by Dolphin Drilling AS (the "Company") on 30 May 2025 regarding the private

placement of new shares in the Company, raising gross proceeds of NOK

297,644,400, equal to approx. USD 29 million (the "Private Placement"), and on

22 July 2025 regarding the successful completion of the Private Placement and

the Refinancing (as defined therein). Reference is further made to the stock

exchange announcement made on 17 June 2025 regarding the Company's

extraordinary general meeting resolving to approve inter alia (i) the share

capital decrease by reduction of the nominal value of the Company's shares,

(ii) the issuance of new shares in the Private Placement, (iii) to grant the

board of directors an authorisation to issue new shares (the "Commission

Shares") as compensation to the pre-committing investors in the Private

Placement, and (vi) issuance of new shares in connection with a proposed

subsequent offering.

The Company's board of directors has today resolved to increase the share

capital by issue of 2,142,939,150 Commission Shares, as authorised by the

extraordinary general meeting (item (iii) above).

Upon registration of the share capital increase, the Company's registered

share capital will be NOK 321,992,692.49, divided into 32,199,269,249 shares,

each with a nominal value of NOK 0.01.

The following primary insiders of the Company and their close associates have

subscribed for Commission Shares:

* Bjørnådal Invest AS, a close associate of chair of the board of directors

Ronny Bjørnådal, have subscribed for 48,127,475 Commission Shares.

* B.O Steen Shipping AS, a close associate of board member and primary insider

Bertel Steen, have subscribed for 481,274,750 Commission Shares.

Please see the enclosed forms for further details.

For further information, please contact:

Ingolf Gillesdal, CFO

Mob: +47 920 45 320

Mail: Ingolf.gillesdal@dolphindrilling.com

About Dolphin Drilling AS:

Dolphin Drilling AS is an Oslo listed, Aberdeen head-quartered company which

owns and operates a fleet of harsh environment mid-water & deep-water

semisubmersible drilling rigs, capable of working worldwide.

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-07-23 22:03 CEST.