Dolphin has successfully raised approx. NOK 380 mill (USD 63 mill)

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THE STOCK EXCHANGE RELEASE.

OSLO, Norway, 13 December, 2010 - Dolphin Interconnect Solutions ASA (OSE: DOLP)

Reference is made to the notice published by Dolphin Interconnect Solutions ASA ("Dolphin") on 10 December 2010 regarding the completion of an equity issue through a private placement (the "Private Placement") of new shares.

The Board of Directors (the "Board") of Dolphin is pleased to announce that the Private Placement has been successfully subscribed for and allocated.

The subscription period for the Private Placement closed on 10 December 2010, and the Board has resolved to allocate and to propose to the extraordinary general meeting to be held on 20 December (the "EGM") to issue 151,673,000 new shares (the "New Shares") at a subscription price of NOK 2.50 per share. Total gross proceeds from the Private Placement will amount to approximately USD 63.0 million (NOK 379.2 million). Following completion of the Private Placement (which is subject to certain conditions, cf. below) there will be 159,859,705 shares outstanding in Dolphin, each with a par value of NOK 2.00.

Atle Jacobsen, Chairman of the Board, comments: "I am very pleased to see the private placement of approx. NOK 380 million successfully completed. The equity raised will enable us to execute on our business plan and develop Dolphin Geophysical to a leading geophysical service provider headquartered in Norway.  Following the completion of the Private Placement, Dolphin will have a strong shareholder base consisting of leading international and Norwegian investors that will support us and provide us with a solid foundation for the future development of Dolphin."

Allocation notices will be sent today, 13 December 2010. Following the fulfilment of the conditions to the Private Placement, including the approval of the Private Placement at the EGM, that Dolphin enters into a final and binding agreement with Armada Shipping regarding the lease contracts, and payment for the of New Shares on or about 20 December 2010, investors will receive the New Shares registered on a separate International Securities Identification Number (ISIN) from existing shares of Dolphin on or about 22 December 2010. Listing and trading of the New Shares on Oslo Børs is subject to approval of the listing prospectus by the Norwegian Financial Supervisory Authority ("FSA"), at which time the New Shares are transferred to the same ISIN as the existing shares of Dolphin. The approval of the listing prospectus is expected ultimo December 2010. The Board of Dolphin will also propose to conduct a subsequent offering directed towards shareholders in Dolphin that did not or were not invited to participate in the Private Placement. The subsequent offering issue price will be NOK 2.50, in line with the issue price in the Private Placement, and the size of the subsequent offering will be up to 4,824,000 shares, equivalent to approx. USD 2 million.

The Private Placement is managed by SEB Enskilda AS and First Securities AS.

For further information, please contact:

Atle Jacobsen
Chairman, Dolphin Interconnect Solutions ASA
Tel. + 47 977 15 336

Erik Hokholt
Board member, Dolphin Interconnect Solutions ASA
Tel. +47 907 56 064

Ketil Sundal
CFO, Dolphin Interconnect Solutions ASA
Tel. + 47 959 22 104

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