DDRIL: Message from Svelland Capital and B.O. Steen Shipping

The following messages were received from the investors;

We are long-term investors with strong belief in the company and the rig market going forward.

Ronny Bjørnådal is proposed as the new Chair of the Board and Bertel Steen as a new Board member.

Bjørnådal is a veteran within the international finance community financing large global players in shipping, offshore and oil service for decades, while Steen was previously a partner at Clarksons Securities. Steen has for years been an active investor on the Oslo Stock Exchange mainly focusing on energy, shipping and offshore.

“I have strong belief in both Dolphin Drilling and the rig market going forward, and we are a long-term shareholder in the company. If elected, with Bjørnådal and Steen on the Board, the company will gain valuable strategic expertise, as well as a solid network”, says Tor Svelland, investment director at Svelland Capital, a leading European investor in commodities, shipping, and energy.

Svelland also highlights that the war in Ukraine has shown Europe's vulnerability in the energy supply which is currently at a breaking point in some areas.

“We are seeing a clear increase in demand for older and well-maintained “workhorses" like the ones Dolphin Drilling owns and combined with extensive scrapping of older rigs, the market balance looks more attractive than it has been for a long time”, says Svelland.

Although the last few years have been tough for the rig industry in general, the larger shareholders now see a clear trend towards improved market conditions on both the Norwegian and British continental shelves in the North Sea, where we see increased activity in both new and existing fields.

“It is an extremely exciting time for the oil, gas and energy industry in general. Europe needs more energy to secure its energy supply going forward. With its first class organization and high standing, Dolphin Drilling is uniquely positioned to capitalize on this”, says Bertel Steen, CEO of B.O. Steen Shipping.

“There has also been lack of consolidation in recent years. Dolphin Drilling can play a central role with its market-leading organization and strong operational platform”, says Svelland.

The company’s new CEO Jon Oliver Bryce took office on February 1 this year after having served as Chief Strategy Officer since November 2023. Bryce has over 30 years of experience in the rig industry, including senior leadership roles at Awilco Drilling and Odfjell Drilling.

“I have great confidence in Bryce and the rest of the management. Together we will take strategic steps that we are confident will lead to solid value creation in the coming years”, says Steen.”

For further information, please contact:

Ronny Bjørnådal [email protected] +47 918 50 549