Exercise of employee options by cash settlement and use of own shares

Participants in the Company's share option programs have on 2 March 2015 exercised a total number of 3 757 335 options in the Company at a strike price of NOK 2.50. This was the final and closing vesting period for the 2010 option programme. The options will be settled by a combination of use of own shares and cash settlement.

The board has authorised the Company to settle the options in cash by paying the difference between the share price of NOK 2.71 and the strike price of NOK 2.50 to the employees. The settlement will result in a cash payment of NOK 718 690 to those employees who have exercised.

Following the exercise, 335 000 shares will be transferred from the Company’s holding of own shares. Subsequent to the transaction Dolphin Group ASA holds 3 732 401 own shares.

Consequently, no shares will be issued in connection with exercising the options.

Attached is a list of primary insiders exercising stock options.

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

For further information, please contact:

Nina Midtlie, Group Financial Director
Mobile: +47 98 20 63 78
E-mail: nina.midtlie@dolphingeo.com

Dolphin Group ASA
Helsfyr Atrium
Innspurten 15
0663 OSLO

www.dolphingeo.com

Dolphin Group ASA is the parent company of Dolphin Geophysical AS, a global full-range, asset light supplier of marine geophysical services. Dolphin operates a fleet of new generation, high capacity seismic vessels and offers contract seismic surveys, Multi-Client projects and processing services on a worldwide basis.

Dolphin Group ASA is listed at Oslo Stock Exchange (OSE ticker: DOLP).