SUBSCRIPTION AND ALLOCATION OF SHARES TO PRIMARY INSIDERS

Reference is made to the stock exchange notice earlier today regarding the completion of the private placement of shares (the "Private Placement") in Dolphin Interconnect Solutions ASA ("Dolphin"). Completion of the Private Placement is subject to; (i) the approval of the Private Placement by the EGM to be held on 20 December 2010; and (ii) final and binding agreements with Armada Shipping ASA regarding the lease contracts for the seismic vessels. The subscription price in the Private Placement is NOK 2.50 per share.

The following primary insiders have been allocated shares in the Private Placement:

Primary insider Atle Jacobsen, chairman of the board of directors, subscribed for and was allocated 1,000,000 new shares in the Private Placement through his wholly owned company Three M AS. After completion of the Private Placement, Atle Jacobsen will indirectly through Three M AS hold 2,817,034 shares in Dolphin. In addition a company controlled by close family members of Atle Jacobsen owns 25,000 shares in Dolphin.

Primary insider Ole Henrik Eide, deputy chairman of the board of directors, subscribed for and was allocated 150,000 new shares in the Private Placement through his wholly owned company Pelito AS. After completion of the Private Placement, Ole Henrik Eide will directly and indirectly through Pelito AS hold 302,452 shares and 150,000 options in Dolphin.

Primary insider Erik Hokholt, member of the board of directors, subscribed for and was allocated 2,400,000 new shares in the Private Placement through his wholly owned company Økonomi og Regnskapsbistand AS. After completion of the Private Placement, Erik Hokholt will indirectly through Økonomi og Regnskapsbistand AS hold 2,900,000 shares in Dolphin.

Consema AS where Dolphin's member of the board of directors and primary insider Hege Eikeland, is managing director, subscribed for and was allocated 200,000 new shares in the Private Placement. After completion of the Private Placement, Consema AS will hold 950,000 shares in Dolphin.

Primary insider Simen Thoresen, employee representative in the board of directors, subscribed for and was allocated 4,000 shares in the Private Placement. After completion of the Private Placement, Simen Thoresen will hold 20,000 shares and 25,000 options in Dolphin

Primary insider Hugo Kohmann, COO, subscribed for and was allocated 40,000 shares in the Private Placement. After completion of the Private Placement, Hugo Kohmann will hold 82,800 shares and 150,000 options in Dolphin.

Primary insider Roy Nordstrøm, senior software architect, subscribed for and was allocated 80,000 shares in the Private Placement. After completion of the Private Placement, Roy Nordstrøm will hold 119,411 shares and 150,000 options in Dolphin.

Primary insider Ketil Sundal, CFO, subscribed for and was allocated 5,978 shares in the Private Placement. After completion of the Private Placement, Ketil Sundal will hold 20,000 shares and 150,000 options in Dolphin.


For further information, please contact:

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

Dolphin Interconnect Solutions ASA
Olaf Helsetsvei 6
0619 OSLO

www.dolphinics.com