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Summons to Bondholders' Meeting – proposal to defer interest payment and to waive certain covenants

With reference to the press release 6 November 2015 the Company is continuing its efforts to finance or sell its multi-client library, and exploring other strategic and financial alternatives to ensure adequate, longer term financial strength and liquidity going forward, and Pareto Securities AS ("Pareto") have been retained as the Company’s advisor to assist in this respect (the "Advisor"). In May 2015, the Bondholders resolved to approve the Company’s proposal to extend the maturity of the Bond Issue to 2018 and 2019 respectively, and the shareholders of the Company resolved a NOK 140,

Payment of consent fee DOLP01 and DOLP02

On 13 May 2015 a Bondholders’ Meeting was held pursuant to summons of 24 April 2015 and the amendment to the summons of 12 May 2015. The Bondholders’ Meeting approved the proposal as set out in the summons and the Conditions Precedent as defined in the summons is fulfilled. The bondholders will receive a one-time consent fee of 2.00% (flat) of the face of the respective Bondholders’ holdings of the Bonds, as follows; Record date: 13 May 2015 Settlement date: 1 June 2015 This applies to the bondholders of; ISIN: NO0010662901- FRN Dolphin Group ASA Senior Unsecured Bond Issue

Notice from bondholders’ meetings in DOLP01 and DOLP02

Reference is made to the stock exchange notice and summons to bondholders’ meetings sent on 24 April 2015, as amended on 12 May 2015. The Company’s proposal to the bondholders meetings was approved by the requisite majority of bondholders in each of DOLP01 and DOLP02. For further information, please contact: Erik Hokholt, CFOMobile: +47 90 75 60 64E-mail: erik.hokholt@dolphingeo.com Tore I. Hellebo, Finance & Business DevelopmentMobile: +47 93 08 05 20E-mail: tore.hellebo@dolphingeo.com Dolphin Group ASAHelsfyr AtriumInnspurten 150663 OSLO www.dolphingeo.com

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