Disclosure of holdings

Armada Seismic ASA has notified Dolphin Group ASA that it will convert the remaining loan balance of the original USD 6.5 million convertible loan given inclusive of accrued interest as of 29 November 2011, to shares in Dolphin. Following the registration of the conversion at the Norwegian Registry of Business Enterprises Dolphin will issue 13,705,457 new shares in Dolphin that corresponds to 5.63% of the shares in Dolphin post completion of the conversion.