Dolphin Drilling AS

Dolphin Drilling AS New share capital registered

Oslo, 5 December 2025: Reference is made to the stock exchange announcements

made by Dolphin Drilling AS (the "Company") on 11 November 2025 regarding the

private placement of 13,774,772,727 new shares in the Company, raising gross

proceeds of NOK 151.5 million, equivalent to approximately USD 15 million (the

"Private Placement"), and on 1 December 2025 regarding the Company's

extraordinary general meeting resolving to, inter alia, approve the issuance

of new shares in the Private Placement and grant an authorisation to the Board

to issue new shares as compensation to the underwriters in the Private

Placement.

The share capital increase pertaining to the issuance of new shares in

connection with the Private Placement has been registered with the Norwegian

Share capital: NOK 464,072,506.74

Total number of shares: 46,407,250,674

Par value of each share: NOK 0.01

For further information, please contact:

Ingolf Gillesdal, CFO

Tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com (http://www.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 the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act and the Euronext Growth Rule Book

Part II.

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