Dolphin Drilling to receive payment of USD 20.75 million following Borgland Dolphin contract cancellation

20 Nov 2024 08:00 CET

(Oslo, 20 November 2024) -- Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL)
announced today that it has reached agreement with EnQuest PLC on the early
termination of the previously announced 137-day drilling programme for
Borgland Dolphin. In exchange for the cancellation of the contract EnQuest
shall pay Dolphin a fee of USD 20.75 million before the end of November.

Borgland Dolphin is currently at Las Palmas, Gran Canaria. The earlier planned
class renewal will be paused while future contract opportunities continue to
be assessed. The rig is currently tendered toward several campaigns with
attractive economics. However, no further commitments are planned to be made
prior to the signing of a firm agreement.

Bjørnar Iversen, CEO, said "While disappointing to receive the cancellation of
the contract, we continue to focus our efforts on securing long term backlog
for the Borgland. The timing of the termination allows us to pause the SPS,
improve liquidity, and carefully plan the next steps."

For further information, please contact: Ingolf Gillesdal, Corporate Finance
and Investor Relations, tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com (http://www.dolphindrilling.com/)

Dolphin Drilling is a leading harsh environment drilling contractor for the
offshore oil and gas industry. Dolphin Drilling owns a fleet of three
high-technical standard 4th and 5th generation enhanced Aker H3 and H4 units,
Blackford Dolphin, Borgland Dolphin, and Paul B. Loyd, Jr., operated by an
experienced team with a strong operational track record. The company has
offshore and onshore offices and operations in Norway, Scotland, India and
Brazil.

This information is information that Dolphin Drilling is obliged to make
public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact persons set out
above, at 2024-11-20 08:00 CET.

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