Dolphin Drilling AS

Dolphin Drilling AS Resolution to increase share capital

Oslo, 12 January 2026: Reference is made to the stock exchange announcement

made by Dolphin Drilling AS (the "Company") on 1 December 2025 regarding the

Company's extraordinary general meeting resolving, among other things, to

approve a reverse share split in the ratio of 300:1, and to authorise the

board of directors to increase the share capital to facilitate the reverse

share split.

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

issue of 208 new shares to facilitate the reverse share split, as authorised

by the extraordinary general meeting on 1 December 2025. Following

registration of both the share capital increase and the reverse share split,

the Company's registered share capital will be NOK 477,724,077.00, divided

into 159,241,359 shares, each with a nominal value of NOK 3.00.

For further information, please contact:

Ingolf Gillesdal, CFO

Tel: +47 920 45 320

Dolphin Drilling | http://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 the

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

Book part II.

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