Dolphin Drilling AS: Mandatory notification of trade

Oslo, 3 May 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") in two tranches.

As described in said notice, and pursuant to a share lending agreement dated 10 April 2024, 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, will lend shares for settlement vis-à-vis applicants in tranche 2 of the Private Placement. Pursuant to the share lending agreement, SDS has on 2 May 2024 lent 3,344,313 shares to DNB Markets for settlement vis-à-vis an applicant in tranche 2 of the Private Placement. The shares lent will be redelivered to SDS as soon as practicably possible after the share capital increase pertaining to tranche 2 of the Private Placement has been registered in the Norwegian Register of Business Enterprises.

Please see the attached form 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