Exercise of employee options by cash settlement and use of own shares

Exercise of employee share options in Dolphin Group ASA ("the Company")

Participants in the Company's share option programs have on 17 November 2014 exercised a total number of 1 135 000 options in the Company at a strike price of NOK 2.50. The options will be settled by a combination of use of own shares and cash settlement.

The board has authorised the Company to settle the options in cash by paying the difference between the share price of NOK 3.06 and the strike price of NOK 2.50 to the employees. The settlement will result in a cash payment of NOK 484 400 to those employees who have exercised.

Following the exercise, 270 000 shares will be transferred from the Company’s holding of own shares. Subsequent to the transaction Dolphin Group ASA holds 741 615 own shares.

Consequently, no shares will be issued in connection with exercising the options.

Attached is a list of 1 primary insider exercising stock options.

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

Dolphin Group ASA
Helsfyr Atrium
Innspurten 15
0663 OSLO

Phone: +47 22 07 15 30
Fax: +47 22 07 15 31

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).