DOLPHIN DRILLING AS NOTICE OF EXTRAORDINARY GENERAL MEETING

17 Nov 2025 14:50 CET

Oslo, 17 November 2025: Reference is made to the stock exchange announcement
made by Dolphin Drilling AS (the "Company") on 11 November 2025 regarding the
private placement of 13,774,772,727 new shares in the Company at a
subscription price of NOK 0.011 per share (the "Subscription Price"), raising
gross proceeds of approximately NOK 151.5 million, equivalent to approximately
USD 15 million (the "Private Placement").

The Company's board of directors (the "Board") hereby calls for an
extraordinary general meeting to be held on 1 December 2025 at 11:00 CET (the
"EGM") in order to, inter alia, approve (i) the issuance of new shares in the
Private Placement; (ii) granting an authorisation to the Board to issue new
shares as compensation to the underwriters in the Private Placement; (iii)
authorise the Board to issue shares to facilitate a reverse share split; (iv)
a reverse share split in the ratio of 300:1; and (v) election of members to
the Board. It is proposed that the Board is authorised to set the relevant key
dates for the proposed reverse share split, such as last day including,
ex-date and record date. In connection with the reverse share split, it will
also be necessary to change the ISIN of the Company's shares. Further
information about key dates and the change of ISIN will be given through stock
exchange announcements at a later time.

Shareholders who, as of the date of implementation of the reverse share split
(i.e. the record date for the reverse share split), own a number of shares
that does not result in a whole number when divided by 300 will have their
shareholding rounded down to the nearest number of shares that results in a
whole number when divided by 300. No fractional shares will be issued, and the
shareholders will not be compensated for the rounding. Shareholders who own
fewer than 300 shares will have their shareholding rounded down to zero. The
Board proposes that every fractional share will be added together to whole
shares and sold on Euronext Growth Oslo, and that the net proceeds from the
sale are donated to a charitable purpose as determined by the Board.

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.

The EGM will be held electronically. Shareholders are encouraged to attend the
EGM by casting their votes in advance or granting a proxy to the chair of the
Board within 27 November 2025 at 23:59 CET. Further details are found in the
attached notice.

For environmental and cost reasons, the Company will send future messages to
shareholders, including notices of general meetings, electronically through
the VPS (see page 2 of the attached notice). To receive information
electronically, please visit your online bank or
https://investor.vps.no/garm/auth/login, or contact your VPS account manager.

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
2025-11-17 14:50 CET.

More information:
Access the news on Oslo Bors NewsWeb site

659869_Dolphin Drilling AS Notice Of EGM December 2025.pdf