Dolphin Drilling AS: Mandatory notification of trade

Dolphin Drilling AS: Mandatory notification of trade

Oslo, 10 April 2024: Reference is made to the stock exchange announcement published by Dolphin Drilling AS ("Dolphin Drilling" or the "Company") on 10 April 2024 regarding the successful private placement of 72,000,000 new shares in the Company (the "Private Placement").

S.D. Standard ETC Plc ("SDS"), a company closely associated with Martin Nes, chair of the board of directors and primary insider of the Company, was allocated a total of 8,333,333 shares for a price per share of NOK 6 in the Private Placement. In addition, pursuant to a share lending agreement dated 10 April 2024 between the Company, Strategic Value Master Fund, Ltd., SDS, DNB Markets, a part of DNB Bank ASA, Arctic Securities AS, and Clarksons Securities AS, SDS has lent 24,322,354 shares to DNB Markets, and undertaken to lend up to 11,677,646 shares in Tranche 2, subject to approval by an extraordinary general meeting in the Company scheduled to be by the end of April 2024.

In addition, the following primary insiders of the Company and their closely associated companies have subscribed for, and been allocated, Offer Shares in the Private Placement at the Offer Price as follows:

• Veiholmen Brygge AS, a company closely associated with Bjørnar Iversen, Chief Executive Officer and primary insider of the Company, has subscribed for, and been allocated, 83,333 Offer Shares at the Offer Price,
• Stephen Cox, Chief Financial Officer and primary insider of the Company, has subscribed for, and been allocated, 66,666 Offer Shares at the Offer Price,
• GolfNYC AS, a company closely associated with Ingolf Gillesdal, VP Corporate Finance and Investor Relations and primary insider of the Company, has subscribed for, and been allocated 29,166 Offer Shares at the Offer Price,
• Per Vangsgaard, Chief Technical Officer and primary insider of the Company, has subscribed for, and been allocated, 16,666 Offer Shares at the Offer Price,
• Johan Finnestad, Chief Operating Officer and primary insider of the Company, has subscribed for and been allocated, 25,000 Offer Shares at the Offer Price.

Please see the attached forms for further details of the transactions. This information is subject to the disclosure requirements in articles 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Ingolf Gillesdal, email: ingolf.gillesdal@dolphindrilling.com, tel: +47 920 45 320

Dolphin Drilling is a leading harsh environment drilling contractor for the offshore oil and gas industry. Dolphin Drilling owns a fleet of four high technical standard 4th and 5th generation enhanced Aker H3 and H4 units, Borgland Dolphin, Blackford Dolphin, Paul B. Loyd, Jr. and Dolphin Leader operated by an experienced team with a strong operational track record. The company has offshore and onshore offices and operations in Norway, Scotland, Brazil, and Nigeria.