Dolphin Drilling Update on situation relating to arbitration award

08 Nov 2025 22:10 CET

OSLO, Norway, 8 November 2025 - Dolphin Drilling AS (OSE: DDRIL) ("Dolphin" or
the "Company") provides update on the situation relating to the arbitration
award against General Hydrocarbons Limited ("GHL").

Further to the announcement made on 14 July 2025 by Dolphin concerning an
order by the Federal High Court of Lagos, Nigeria, granting Dolphin leave to
enforce the arbitration award previously obtained against GHL, Dolphin has
today been informed by its legal counsels in Nigeria that The Asset Management
Corporation of Nigeria ("AMCON") has exercised its statutory powers to appoint
a Receiver/Manager to take control of GHL.

AMCON is a statutory corporation established by the Nigerian government to
stabilise the financial system by acquiring non-performing loans from banks
and recovering debts owed to those banks. The Receiver/Manager has advertised
his appointment and instructed all creditors of GHL to file their claims. It
is Dolphin's understanding that the Receiver/Manager appointment can be
challenged by GHL.

Dolphin will continue to pursue collection efforts in respect of its unsecured
claim. Dolphin will also monitor developments regarding the Receiver/Manager
appointment and further seek to engage with the Receiver/Manager in accordance
with Nigerian law.

Contacts:
Ingolf Gillesdal, CFO
Phone: +47 920 45 320
Email: 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
2025-11-08 22:10 CET.

More information:
Access the news on Oslo Bors NewsWeb site