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DOLPHIN GROUP ASA - RESULT FOR 1 QUARTER 2011

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Highlights and status:

* Seismic organization in place
* More than 90 highly qualified employees recruited  
* Successful start of seismic operations
* First quarter revenues at USD 0.4 million, negative EBITDA USD 3.8 million and negative net result after tax of USD 1.7 million
* Seismic equipment capital expenditure related to Polar Duke of USD 21.7 million
* Significant contract awarded for Polar Duke (3D) and Polar Explorer (2D)
* Access to further capacity through charter of Artemis Arctic (6/8 Streamer Vessel) and Artemis Atlantic (2D ice class vessel) from  6th May 2011
* Polar Duke enters steady production phase in the Barents Sea with a 10 streamer configuration
* First 3D job for Artemis Arctic awarded in the North Sea

Atle Jacobsen, Dolphin Group CEO, commented;
"Our 2011 first quarter financials is reflecting the strategic change within Dolphin Group, demonstrating a successful entrance into the Marine Geophysical Business.We experience strong interest from our new geophysical clients and we are able to secure contracts at good market rates."

Please find attached the report for 1Q 2011.


This information is subject of the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Atle Jacobsen, CEO
Mobile:+47 97 71 77 58
E-mail:atle.jacobsen@dolphingeo.com

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

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

www.dolphingroup.no  

www.dolphingeo.com

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