Disclosure of holdings

Armada Seismica ASA ("Armada") shall grant 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 at 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 corresponding to 10,29 % of the registered share capital upon completion of the Private Placement. If the value of the dollar increases or accrued interest is converted to share capital, Armada will receive more shares