Disclosure of holdings

Armada Seismica ASA ("Armada") has granted a convertible loan to Dolphin of up to USD 6.5 million in order for Dolphin to fund 13 % of the purchase price for seismic equipment on Polar Duke. If Dolphin exercises its option to charter a vessel similar to Polar Duke from Armada, Armada will be entitled to convert this loan into shares in Dolphin at a conversion price of NOK 2.50. Provided that the principal amount of this loan is converted to share capital and the value of 1 USD is NOK 6, Armada will receive 15,600,000 shares. Following the increase in the share capital in Dolphin that was registered with the Register of Business Enterprises (Foretaksregisteret) on 31 January 2011, Armada's shareholding will, if converted, fall below the 10% threshold in the Norwegian Securities Trading Act and will correspond to 9.47% of the current registered share capital in Dolphin. If the value of the dollar increases or accrued interest is converted to share capital, Armada will receive more shares.