Exercise of options and warrants by cash settlemen

Exercise of employee share options and warrants in Dolphin Group ASA ("the Company")

Participants in the Company's share option programs have on the 1 September 2014 exercised a total number of 718 334 options in the Company at a strike price of NOK 2.50 In addition, exercise of 349 250 warrants at a strike price of NOK 2.50.

The board has authorised the Company to settle the options and warrants in cash by paying the difference between the share price of NOK 4.20 and the strike price of NOK 2.50 to the employees. Consequently, no shares will be issued in connection with exercising the options and warrants.

This options and warrants settlement will result in a cash payment of NOK 1 814 892.80 to those employees who have exercised.

Attached is a list of 2 primary insiders exercising stock options and warrants.
 
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

Phone:+47 22 07 15 30
Fax:+47 22 07 15 31

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).