DDRIL - Disclosure of shareholding

04 Mar 2025 09:21 CET

4 March 2025: Reference is made to the stock exchange notice published on 3
March 2025 regarding a potential sale of existing shares in Dolphin Drilling
AS (the "Company") by S.D. Standard ETC Plc ("SDSD") through a private
placement (the "Placing"). SDSD has sold 49,784,706 shares in the Company
through the Placing (representing 17.1% of the outstanding share capital in
the Company) at a price of NOK 1.1 per share for a total transaction size of
NOK 55 million. Following completion of the Placing, SDSD holds 0 shares in
the Company. SDSD is currently represented on the Board of Directors of the
Company. Strategic Value Partners have concluded not to sell any shares.

It is understood that funds controlled by Svelland Capital Trading have
acquired 30 million shares and BO Steen Shipping have acquired 15 million of
the shares, bringing Svelland Capital Trading to a total ownership of c. 34%
and BO Steen Shipping to an ownership of c. 10%. SVP remains the owner of c.
24% of the company.

The company will commence the process of forming a nomination committee with a
view to reviewing the Board structure and setting the forward strategy in
conjunction with the CEO.

It should also be noted that Svelland Capital Trading and BO Steen Shipping
have jointly acquired SDSD's portion of the outstanding Shareholder loan.

The loan documents with Maritime Asset Partners LP ("MAP") have a share
price/market cap covenant for Dolphin Drillings of no less than NOK
600m. Accordingly, the company will be monitoring this covenant to deal and
liaise with the lender as need be if, at the time of its quarterly testing and
calculation, the requisite market capitalisation levels aren't met.

Arctic Securities AS and DNB Markets, a part of DNB Bank ASA, acted as joint
bookrunners in connection with the Placing (the "Managers"). This disclosure
is made pursuant to section 4-2 of the Norwegian Securities Trading Act

The loan documents with Maritime Asset Partners LP ("MAP") have a share
price/market cap covenant for Dolphin Drillings of no less than NOK
600m. Accordingly, the company will be monitoring this covenant to deal and
liaise with the lender as need be if, at the time of its quarterly testing and
calculation, the requisite market capitalisation levels aren't met.

Arctic Securities AS and DNB Markets, a part of DNB Bank ASA, acted as joint
bookrunners in connection with the Placing (the "Managers"). This disclosure
is made pursuant to section 4-2 of the Norwegian Securities Trading Act

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-03-04 09:21 CET.

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