Dolphin Drilling AS Mandatory notification of transactions by primary insiders and close associates

21 Jul 2025 16:40 CEST

Oslo, 21 July 2025: Reference is made to the stock exchange announcements made
by Dolphin Drilling AS (the "Company") on 30 May 2025 regarding the private
placement of 29,764,440,000 new shares in the Company 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
in the Company, on 17 June 2025 regarding completion of an extraordinary
general meeting in the Company and earlier today on 21 July 2025 providing an
update on the Private Placement and related refinancing.

As resolved by the extraordinary general meeting and upon consummation of the
Private Placement, the following primary insiders of the Company and their
close associates will receive shares in the Private Placement:

* Bjørnådal Invest AS, a close associate of chair of the board of directors
Ronny Bjørnådal, will receive 481,274,750 shares in the Private Placement.
* B.O Steen Shipping AS, a close associate of board member and primary insider
Bertel Steen, will receive 4,812,747,500 shares in the Private Placement. In
addition, Skarris Kapital AS, also considered a close associate of Bertel
Steen, will receive 114,616,515 shares in the Private Placement.
* The Company's CEO, Jon Oliver Bryce, will receive 25,000,000 shares in the
Private Placement.
* Golfnyc AS, a close associate of CFO and primary insider Ingolf Gillesdal,
will receive 25,000,000 shares in the Private Placement.
* The Company's COO, Johan Finnestad, will receive 20,000,000 shares in the
Private Placement.
* The Company's CTO, Per Vangsgaard, will receive 15,000,000 shares in the
Private Placement.

Please see the enclosed forms for further details.

Please refer to the stock exchange announcement published earlier today on 21
July 2025 for further information on the consummation of the Private
Placement. Separate announcements will be made in connection with issuance and
subscription of new shares (commission shares) to investors who pre-committed
to subscribe for shares in the Private Placement, payable by the Company as
compensation for their pre-commitments.

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 information that Dolphin Drilling is obliged to make
public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact persons set out
above, at 2025-07-21 16:40 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

651593_20250721 DDAS PDMR Forms.pdf