Dolphin Drilling AS — Share Issue/Capital Change 2026

May 6, 2026

Dolphin Drilling AS Board resolutions to increase share capital

Dolphin Drilling AS Board resolutions to increase share capital

Oslo, 6 May 2026: Reference is made to the stock exchange announcement made by

Dolphin Drilling AS (the "Company") on 15 April 2026 regarding the private

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

equivalent of approximately USD 62.5 million (the "Private Placement").

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

issue of 6,796,584 new shares at a subscription price of NOK 2.50 per share,

directed towards the pre-committing investors in the Private Placement,

pursuant to the authorisation granted by the extraordinary general meeting

held on 30 April 2026.

Further to this, the board of directors has resolved to increase the share

capital by issue of 4,720,000 new shares at a subscription price of NOK 2.50

per share directed towards Borg Partners LLC, as payment of a fee owed by the

Company in respect of advisory services rendered by Borg Partners LLC in

connection with the Private Placement. The new shares to Borg Partners LLC are

issued pursuant to the authorisation granted by the Company's extraordinary

general meeting held on 1 December 2025.

Following registration of the abovementioned share capital increases, the

Company's registered share capital will be NOK 1,016,894,857.50, divided into

406,757,943 shares, each with a nominal value of NOK 2.50.

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.