DOLPHIN DRILLING AS NOTICE OF EXTRAORDINARY GENERAL MEETING

03 Jun 2025 16:34 CEST

Reference is made to the stock exchange announcement made by Dolphin Drilling
AS ("DDRILL" or the "Company") on 30 May 2025 regarding the private placement
of 29,764,440,000 new shares in the Company at a subscription price of NOK
0.01 per share (the "Subscription Price"), raising gross proceeds of NOK
297,644,400, equal to approx. USD 29 million (the "Private Placement"), and a
potential subsequent share offering of up to 27,803,642,659 new shares at the
Subscription Price.

The Company's board of directors (the "Board") hereby calls for an
extraordinary general meeting to be held on 17 June 2025 at 11:00 CEST (the
"EGM") in order to approve (i) a share capital decrease by reduction of the
nominal value of the Company's shares, (ii) issuance of new shares in the
Private Placement, (iii) granting an authorisation to the Board to issue new
shares as compensation to the pre-committing investors in the Private
Placement, and (vi) issuance of new shares in connection with the proposed
Subsequent Offering. The EGM will be held electronically.

The EGM notice, including the Board's proposed resolutions, the notice of
attendance and proxy forms, are attached to this notice and will be made
available on the Company's website
https://www.dolphindrilling.com/investor-relations.

Shareholders are encouraged to attend the EGM by casting their votes in
advance or granting a proxy to the chair of the Board within 13 2025 at 16:00
CEST. Further details are found in the attached notice.

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 is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2025-06-03 16:34 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

648281_Dolphin Drilling AS Notice Of EGM 2025.pdf