Successful Completion of Subsequent Offering

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT NOTICE IN THE PROSPECTUS

Oslo, Norway, 24 January 2011 - Dolphin Group ASA (OSE:DOLP)

Reference is made to the announcement dated 13 December 2010 and the prospectus dated 5 January 2011 (the "Prospectus") concerning the subsequent offering of up to 4,824,000 shares in Dolphin Group ASA at a subscription price of NOK 2.50.

The subsequent offering ended on Friday 21 January 2011 at 17:30 CET, and was significantly oversubscribed. As a result, Dolphin Group will issue 4,824,000 new shares at NOK 2.50 per share raising gross proceeds of NOK 12 million.

All subscribers being allotted offer shares will receive a letter confirming the number of offer shares allotted to the subscriber and the corresponding amount to be paid. This letter will be distributed shortly.

Payment of the shares will fall due on 27 January 2011 and delivery will take place on or about 1 February 2011. Following registration of the shares the total number of issued shares will increase by 4,824,000, from 159,859,705 to 164,683,705 shares.

The offering is managed by SEB Enskilda and First Securities.

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

For further information, please contact:

Ketil Sundal, CFO
Phone: +47 23 16 70 02
Mob:+47 95 92 21 04
E-mail:ketil@dolphinics.com

Dolphin Group ASA
Olaf Helsetsvei 6
0619 OSLO

Phone:+47 23 16 70 00
Fax:+47 23 16 71 80         

www.dolphinics.com

www.dolphingeo.com