Dolphin Drilling AS

Dolphin Drilling AS New share capital registered

Oslo, 10 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 new shares in the Company, raising gross proceeds of NOK

151.5 million, equivalent to approximately USD 15 million (the "Private

Placement"), and on 8 December 2025 regarding the board of directors'

resolution to increase the Company's share capital by issuance of

1,365,156,818 new shares at NOK 0.011 per share to the underwriters in the

Private Placement, payable by the Company as compensation for their

underwriting commitments (the "Commission Shares").

The share capital increase pertaining to the issuance of the Commission Shares

has been registered with the Norwegian Register of Business Enterprises:

Share capital: NOK 477,724,074.92

Total number of shares: 47,772,407,492

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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