Dolphin Drilling AS: PDMR notification

Oslo, 30 June 2023: Reference is made to the stock exchange announcement by Dolphin Drilling AS (the "Company") on 30 June 2023 regarding approval by the extraordinary general meeting of the conditions for completion of the Private Placement announced on 22 June 2023. Reference is further made to the conditional allocation of offer shares to S.D. Standard ETC Plc ("SDS") in the Private Placement. SDS is a close associate to Martin Nes, chair of the Company's board of directors.

In order to facilitate settlement in the Private Placement SDS has today, through an agreement with the managers in the Private Placement, sold 28,157,067 ordinary shares in the Company and subscribed 3,801,204 Class A- shares in the company which in part constitutes (i) new Class A-shares to be delivered to SDS in lieu of shares allocated in the Private placement and (ii) Class A shares as replacement shares for the shares sold for settlement purposes in the Private Placement.

Please see the attached forms for further details of the transactions.

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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, Corporate Finance and Investor Relations, tel: +47 920 45 320