DOLPHIN GROUP ASA - APPROVED PROSPECTUS AND LISTING OF NEW SHARES

Oslo, Norway, 18 November 2011 - Dolphin Group ASA (OSE:DOLP)

Reference is made to the notice published by Dolphin Group ASA ("Dolphin" or the "Company") on 18 October 2011 regarding the completed private placement of new shares (the "Private Placement").

The Financial Supervisory Authority of Norway (Finanstilsynet) has today approved the following prospectus:

Listing on Oslo Børs of 65,000,000 new shares in Dolphin Group ASA issued in connection with a private placement of shares completed on 18 October 2011 at a subscription price per share of NOK 3.00, and the Subsequent Offering of up to 7,666,667 Offer Shares at an Offer Price of NOK 3.00 per Offer Share with preferential rights for Eligible Shareholders as of 17 October 2011.

Subscription Period for the Subsequent Offering: 21 - 30 November 2011 at 17:30 (CET), both dates inclusive. Preferential rights not used to subscribe for Offer Shares before the expiry of the Subscription Period will be of no value and will lapse without compensation to the holder.

Eligible Shareholders as of 17 October 2011, as registered in the VPS on 20 October 2011, have preferential rights to participate in the subsequent offering. Eligible shareholders will be notified in a separate letter with an overview of rights allocated. Oversubscription is allowed. Please refer to the prospectus dated 18 October 2011 for further details.

The prospectus and application form for the subsequent offering is available at the Company's website www.dolphingroup.no and at the websites of the managers, SEB Enskilda (www.sebenskilda.no), Pareto Securities (www.pareto.no) and First Securities (www.first.no).
 
The prospectus can also be received free of charge on request to the managers or the company.

Following the approval of the prospectus, all of the 65,000,000 issued shares in the private placement will be listed and tradable on Oslo Stock Exchange under the same ISIN and ticker code as the Company's other shares. Upon the issuance of the new shares, the Company has a total of 229,683,705 listed shares.

The Company's share capital is NOK 459,367,410 divided into 229,683,705 shares each with a nominal value of NOK 2.00.

This information is subject of the disclosure requirements acc. to §5-12 (Norwegian Securities Trading Act).   

For further information, please contact:

Erik Hokholt, CFO
Mobile:+47 90 75 60 64
E-mail:erik.hokholt@dolphingeo.com

Ketil Sundal, VP Finance & IR          
Mobile:+47 95 92 21 04
E-mail:ketil@dolphinics.com


Dolphin Group ASA
Helsfyr Atrium
Innspurten 15
0663 OSLO

Tel:+47 23 16 70 00
Fax:+47 23 16 71 80         

www.dolphingroup.no
www.dolphingeo.com

Dolphin Group ASA has two main business areas; Dolphin Geophysical AS and Dolphin Interconnect Solutions AS. Dolphin Geophysical is a global full-range, asset light supplier of marine geophysical services and operates a fleet of new generation, high capacity seismic vessels and offers contract seismic surveys and multi-client projects worldwide. Dolphin Interconnect is a global supplier of high performance solutions (hardware- and software) for the server and embedded systems market. Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).

THIS PRESS RELEASE MAY NOT BE DISTRIBUTED IN, OR TO ANY PERSON RESIDENT IN THE U.S., CANADA, AUSTRALIA OR JAPAN OR TO ANY AMERICAN CITIZEN EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT OF 1933. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LEGISLATION.