Dolphin Drilling Pursuing a Refinancing Plan

30 Apr 2025 23:55 CEST

OSLO -- April 30, 2025 -- Dolphin Drilling AS (Dolphin Drilling AS, OSE:
DDRIL) announces that the company is pursuing a refinancing plan.

The company has explored several refinancing options and this process is
ongoing. Among the measures that are being discussed are: (i) a potential
conversion of an existing USD 15 million shareholder loan; (ii) a new equity
issue in cash of a NOK amount equivalent to approximately USD 15 million (a
"Private Placement"); (iii) certain amendments to the repayment profile of the
company's existing USD 65 million facility agreement dated December 22, 2023
with security inter alia over the rig Paul B Lloyd Jr. (the "Secured
Facility"); (iv) a new secured loan in the amount of minimum USD 20 million;
and (v) certain other cash management improving initiatives. The company and
the relevant stakeholders have not yet been able to establish an agreed
refinancing plan.

With respect to the Secured Facility, the company has entered into an
amendment agreement providing for amortisation relief of the instalments
payable for April, May and June 2025 for a total amount of USD 5 million and a
waiver of the market capitalisation covenant from March 2025 until 31 May 2025
(the "Waiver and Payment Deferral"). The Waiver and Payment Deferral is
subject to various conditions inter alia that certain cash management
improvement initiatives are implemented no later than 5 May 2025.

The company has mandated Arctic Securities AS as Global Coordinator and
Bookrunner for the Private Placement. Wikborg Rein Advokatfirma AS is acting
as legal counsel to the Company.

The above initiatives are pursued to secure the company's going concern and
address a challenging liquidity position stemming from (i) overdue accounts
payables; (ii) the possibility of a negative outcome of the UK legacy tax case
with the His Majesty's Revenue and Customs (HMRC); (iii) a scheduled Special
Periodic Survey (SPS) of the rig Paul B Lloyd Jr. of net USD 20 million; and
(iv) increased operational expenses with respect to the rig Blackford Dolphin.

As a result of the foregoing, the company is amending its financial calendar
such that the date of the publication of the company's 2024 annual report will
be changed to 30 May 2025.

For further information, please contact:
Ingolf Gillesdal, CFO
Mob: +47 920 45 320
Mail: Ingolf.gillesdal@dolphindrilling.com

About Dolphin Drilling AS:

Dolphin Drilling AS is an Oslo listed, Aberdeen head-quartered, company which
owns and operates a fleet of harsh environment mid-water & deep-water
semisubmersible drilling rigs, capable of working worldwide.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-04-30 23:55 CEST.

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