Dolphin Drilling AS: Completion of share capital reduction and new par value

(Oslo, 25 August 2023) Reference is made to the stock exchange announcement published by Dolphin Drilling AS (the "Company") on 30 June 2023 regarding the minutes from the extraordinary general meeting (the "EGM"), where the EGM resolved to reduce the share capital of the Company by NOK 1,118,870,091.00 by reducing the nominal value of the shares from NOK 10 to NOK 1 and issuing a new temporary share class ("A-shares").

The creditors' notice period for the share capital reduction expired on Thursday, 17 August 2023, with no objections received, and the share capital reduction has today been registered in the Norwegian Register of Business Enterprises. As a result of the share capital reduction, each class A -share issued at the EGM has been converted automatically to ordinary shares by way of a split into 10 ordinary shares and transferred to the ordinary ISIN of the Company.

Following the implementation of the share capital reduction, the share split and the conversion of A-shares to ordinary shares, the Company's new share capital is NOK 208,790,099, divided on 208,790,099 shares, each with a par value of NOK 1.

Disclosure regulation:

This information is subject to a duty of disclosure pursuant to the Company's continuing obligations as a company listed on Euronext Growth Oslo and the EU Market Abuse Regulation.

For further information, please contact:

Ingolf Gillesdal, email: [email protected], tel: +47 920 45 320

Dolphin Drilling | www.dolphindrilling.com

Dolphin Drilling is a leading harsh environment drilling contractor for the offshore oil and gas industry. Dolphin Drilling owns a fleet of three high -technical standard 4[th] and 5[th] generation enhanced Aker H3 units, Borgland Dolphin, Blackford Dolphin, and Bideford Dolphin, operated by an experienced team with a strong operational track record. The company has offshore and onshore employees, and onshore locations in Norway, Scotland, Brazil, and Nigeria.