SUCCESSFUL COMPLETION OF PRIVATE PLACEMENT

Oslo, Norway, 18th October 2011 - Dolphin Group ASA (OSE:DOLP)

Reference is made to the notice published by Dolphin Group ASA ("Dolphin" or the "Company") on 17th October 2011 regarding a contemplated private placement of new shares (the "Private Placement").

The Company has successfully completed a Private Placement of NOK 195 million (USD 35 million). The subscription price has been set to NOK 3.00 per share following a book-building process. 59,176,000 of the shares will be issued according to the existing authorization to issue new shares (tranche 1), while the issue of the remaining 5,824,000 shares (tranche 2) will be conditional upon an Extraordinary General Meeting expected to be held on or about 10th November 2011. The new shares will not be tradable on Oslo Stock Exchange until a listing prospectus has been published. The Managers have entered into a share lending agreement regarding 30 million shares to facilitate partly delivery of tradable shares to investors that have been allocated shares in the Private Placement.

Following the completion of the tranche 1 of the Private Placement, Dolphin will have a share capital of NOK 447,719,410 divided into 223,859,705 outstanding shares at a par value of NOK 2.00 per share. The tranche 2 of the Private Placement will be completed upon the shareholders consent in the Extraordinary General Meeting and following its completion the Company will have a share capital of NOK 459,367,410 divided into 229,859,705 outstanding shares at a par value of NOK 2.00 per share.

The Board of Directors also resolved to propose to the Extraordinary General Meeting to conduct a subsequent offering of up to NOK 23 million (USD 4 million) directed towards existing shareholders in Dolphin that were not offered to participate in the Private Placement. The subscription price in the subsequent offering will equal the price in the Private Placement of NOK 3.00 per share.

The shares in Dolphin will trade excluding the right to participate in the subsequent offering from 18th October 2011.

SEB Enskilda, Pareto Securities and First Securities are acting as joint lead managers for the Private Placement.

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

For further information; please contact:

Atle Jacobsen, CEO
Mobile:    +47 97 71 53 36
E-mail:    atle.jacobsen@dolphingeo.com

Erik Hokholt, CFO
Mobile:    +47 90 75 60 64
E-mail:    erik.hokholt@dolphingeo.com

Dolphin Group ASA
Helsfyr Atrium
Innspurten 15
0663 OSLO

Tel:+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).


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