Preliminary Results as of First Quarter 2025

28 May 2025 20:14 CEST

Oslo, Norway, 28 May 2025.

Dolphin Drilling AS (OSE: DDRIL) today announced its preliminary financial
results for the first quarter 2025.

Q1 2025, Highlights and Subsequent Events

* Revenue Growth: Revenues of USD 45.6 million for the first quarter, compared
to USD 10.1 million in Q1 2024.
* EBITDA Improvement: EBITDA of USD 4.9 million for the first quarter, a
significant improvement from an EBITDA loss of USD 17.0 million in Q1 2024.
* Net Earnings: Net Loss of $8.2M or USD 0.03 per share compared to a loss of
USD 16.8 million or USD 0.08 per share in Q1 2024.
* Continued strong Safety Records: The company maintained a strong safety
record, with zero Lost Time Incidents recorded during the quarter.
* Rig Utilization: Paul B. Loyd, Jr ("PBLJ") and Blackford Dolphin both on
contract for the full Quarter, PBLJ at an average uptime of 95.0% and
Blackford Dolphin at 86.5%.
* Leadership Change: Jon Oliver Bryce was appointed CEO, Ingolf Gillesdal
appointed CFO; and Ronny Bjornådal appointed as Chairman.
* New major long-term investors: Svelland Capital has become the largest
shareholder group of the company, controlling funds accounting for 36% of
shareholding.
* On April 30th the company issued a press release disclosing information
relating to its going concern and liquidity position, as well as on-going
refinance process.
* Immediately following this preliminary earnings release, DDRIL will launch a
contemplated private placement of approximately NOK 297,644,400, equivalent
to approximately USD 29 million by issuance of approximately 29,764,440,000
new shares with a subscription price per offer share at a fixed price of NOK
0.01. See separate press release regarding the same for further details.

Please find attached the Interim Financial Information report which will also
be made available on the Company's website.

For further information, please contact: Ingolf Gillesdal, CFO, tel: +47 920
45 320

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

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 is subject to disclosure requirements pursuant to the
Securities Trading Act §5-12.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2025-05-28 20:14 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

647923_Q1 25 DolphinDrilling Preliminary Earnings Report.pdf