DOLP: DISCLOSURE OF HOLDINGS

Oslo, Norway, 02 December 2011 - Dolphin Group ASA (OSE:DOLP)

DOLP: DISCLOSURE OF HOLDINGS

Reference is made to the notice published by Dolphin Group ASA ("Dolphin") on 29 November 2011 regarding the conversion of the convertible loan in Dolphin by Armada Seismic ASA, and the notice published on 1 December 2011 regarding the successful completion of the Subsequent Offering of new shares.

Ramoo Selvam and his close associates hold 49,308,957 shares in Dolphin. Prior to the Subsequent Offering and the conversion of the convertible loan, this number of shares corresponded to 21.47% of the outstanding share capital and voting rights of Dolphin. Following the Subsequent Offering and the conversion, the ownership will correspond to 19.72%.