Dolphin – allocation of share options to employees

The Board of directors of Dolphin Group ASA has approved the allocation of up to 11 629 808 new options as compensation for achieved but unpaid cash bonuses in the amount of USD 3.2 million for 2014. This is one of several initiatives, involving more than 370 employees, to strengthening the Dolphin financial position and preserving cash in a challenging market situation.

The new option allocation will increase the total outstanding aggregate number of options to 24.949.477 million representing 6% of outstanding numbers of shares.

One option will give the right to subscribe for one share at a share price of NOK 2.05 per share. This is identical with the issue price in the Private Placement approved in the Extraordinary General Meeting of Dolphin Group ASA today.

The options can be vested in tranches over a period over three years, with the first time after the disclosure of Dolphin’s quarterly results on 12 August 2015

For options allocated to primary insiders, please see attached appendix1

This information is subject of the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Erik Hokholt, CFO
Mobile: +47 90 75 60 64
E-mail: erik.hokholt@dolphingeo.com

Nina Midtlie, Group Financial Director
Mobile: +47 98 20 63 78
E-mail: nina.midtlie@dolphingeo.com

Dolphin Group ASA
Helsfyr Atrium
Innspurten 15
0663 OSLO

www.dolphingeo.com

Dolphin Group ASA is the Parent company of Dolphin Geophysical AS, a global full-range, asset light supplier of marine Geophysical services. Dolphin operates a fleet of new generation, high-capacity seismic vessels and offers contract seismic surveys, Multi-Client projects and processing services on a worldwide basis.

Dolphin Group ASA is listed at Oslo Stock Exchange
(OSE ticker: DOLP).

About Us

Dolphin Group ASA is the Parent company of Dolphin Geophysical AS, a global full-range, asset light supplier of marine Geophysical services. Dolphin operates a fleet of new generation, high-capacity seismic vessels and offers contract seismic surveys, Multi-Client projects and processing services on a worldwide basis. Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).