Dolphin Drilling Extension of Waiver and Payment Deferral

31 May 2025 20:39 CEST

OSLO -- May 31, 2025 -- Dolphin Drilling AS (Dolphin Drilling AS, OSE: DDRIL):
Reference is made to previous stock exchange announcement by the company dated
April 30, 2025, and May 4, 2025, with respect to certain waivers and payment
deferrals under its existing USD 65 million facility agreement dated December
22, 2023 with security inter alia over the rig "Paul B Lloyd Jr." (the
"Secured Facility").

Reference is further made to stock exchange announcement of yesterday
regarding the successful private placement of new shares in the company for
gross proceeds of approximately NOK 297,644,400, equivalent to approximately
USD 29 million (the "Private Placement").

In contemplation of the consummation of the Private Placement, the company has
today entered into an updated amendment to the Secured Facility providing for
continued amortisation relief of the instalments payable in April 2025, May
2025 and June 2025, waiver of the market capitalisation covenant and waiver of
certain other requirements under the Secured Facility until July 31, 2025,
subject to consummation of the Private Placement and certain transactions
contemplated thereby on or before such date.

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
2025-05-31 20:39 CEST.

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