Dolphin strengthens equity as Armada Seismic converts loan to equity

Armada Seismic ASA has notified Dolphin Group ASA that it will convert the remaining loan balance of the convertible loan given inclusive of accrued interest as of 29 November 2011 of about USD 6.3 million, to shares in Dolphin. The loan will be converted to shares at a price of NOK 2.50 per share according to the terms and conditions set out in the convertible loan agreement. Following the registration of the conversion at the Norwegian Registry of Business Enterprises Dolphin will issue 13,705,457 new shares in the company.

This information is subject of the disclosure requirements according to section 5-12 of theNorwegian 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

Phone:+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).  www.dolphingroup.no