SUCCESSFUL COMPLETION OF PRIVATE PLACEMENT

Oslo, Norway, 7 March 2012 - Dolphin Group ASA (OSE:DOLP)

DOLP: SUCCESSFUL COMPLETION OF PRIVATE PLACEMENT

Reference is made to the stock exchange notice published by Dolphin Group ASA ("Dolphin" or the "Company") on 6 March 2012 regarding a contemplated private placement of new shares (the "Private Placement").

The Company has successfully completed a Private Placement of approximately USD 40 million (NOK 230 million). The subscription price has been set to NOK 4.60 per share following a book-building process. The shares will be issued according to the existing authorization to issue new shares. The new shares will not be tradable on Oslo Børs until a prospectus has been approved by the Financial Supervisory Authority of Norway (Finanstilsynet) and published. This is expected to take place ultimo March. The Managers have entered into a share lending agreement for 50 million shares to facilitate delivery of tradable shares to investors that have been allocated shares in the Private Placement. Following the completion of the Private Placement, Dolphin will have 300,018,161 shares outstanding at a par value of NOK 2.00 per share.
 
The Board of Directors has also resolved to conduct a subsequent offering of up to 3,000,000 shares directed towards shareholders in Dolphin that were not offered to participate in the Private Placement. In addition, an employee offering of up to 200,000 shares will be directed to employees in the Dolphin Group.   

The subscription price in the subsequent offering and the employee offering will be NOK 4.60, the same price as in the Private Placement. The shares in Dolphin will trade excluding the right to participate in the subsequent offering from 7 March 2012. The subscription period for the subsequent offering will commence shortly after an approved prospectus has been announced.

SEB Enskilda and DnB Markets 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).