Dolphin Drilling AS - Update on Blackford Dolphin

21 May 2024 16:38 CEST

(Oslo, 21 May 2024) Dolphin Drilling AS (Dolphin Drilling, OSE:DDRIL) refers to
the 10 May 2024 and 15 May 2024 announcements regarding the termination of the
drilling contract with General Hydrocarbons Limited (GHL), and the request for
arbitration to pursue the recovery of sums remaining due by GHL.

As reported on 15 May 2024, a mutually acceptable sole arbitrator has been
appointed by the Nigerian courts. On 20 May 2024, the court directed that an
existing interim injunction, to maintain status quo, continue in force pending
orders by the arbitrator. The Company shall be making submissions for
consideration by the arbitrator, seeking the discharge of the interim
injunction, in the course of this week.

The Company also wishes to inform that it has today received service of Nigerian
court proceedings in an action brought by Technova Africa International Limited
(Technova). Technova has obtained an ex parte order of arrestment against the
Blackford Dolphin. The Company is in process of reviewing the court proceedings
and confirms that it considers the claims of Technova to be without merit. The
Company shall be taking immediate steps to contest the court proceedings
including to contest the said order.

The Company will continue to update the market on any material developments in
each of the above matters as they occur.

For further information, please contact:

Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320

Stephen Cox, CFO, tel: +44 7800 612 130

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