Dolphin Drilling AS: PDMR notification

Oslo, 22 June 2023: Reference is made to the stock exchange announcement by Dolphin Drilling AS (the "Company") on 22 June 2023 regarding the successful placing of a private placement of new shares (the "Private Placement"), and the establishment of a long-term incentive program (the "LTIP") for the executives and management of the Company.

The following primary insiders have been granted the following number of options:

• Bjørnar Iversen, Chief Executive Officer of the Company, has been granted 1,950,000 options;
• Stephen Cox, Chief Financial Officer of the Company, has been granted 1,700,000 options;
• Per Vangsgaard, Chief Technical Officer of the Company, has been granted 655,000 options;
• Johan Finnestad, Chief Operating Officer of the Company, has been granted 655,000 options;
• Ingolf Gillesdal, Vice President Corporate Finance and Investor Relations of the Company, has been granted 200,000 options;
• Michelle Crawford, Vice President Human Resources of the Company, has been granted 200,000 options; and
• Stephanie Freeman, Chief Accounting Officer of the Company, has been granted 200,000 options.

After the above-mentioned allotment, if all conditions are met, the total number of issued share options in the Company is 5,560,000.

In connection with the Private Placement S.D. Standard ETC Plc ("SDS") has subscribed for, and been allocated, Offer Shares for approximately USD 7 million in the Private Placement. SDS is a close associate to Martin Nes, chair of the Company's board of directors.

In addition, the following primary insiders of the Company and their closely associated companies have subscribed for, and been allocated, Offer Shares in the Private Placement at the Offer Price as follows:

• ARL Invest AS, a company closely related to Alf Ragnar Løvdal, Director of the Board of the Company, was allocated 135,153 Offer Shares; 
• Veiholmen Brygge AS, a company closely related to Bjørnar Iversen, Chief Executive Officer of the Company, was allocated 67,576 Offer Shares; 
• Stephen Cox Chief Financial Officer of the Company, was allocated 35,477 Offer Shares; 
• GolfNYC AS, a company closely related to Ingolf Gillesdal, VP Corporate Finance and Investor Relations of the Company], was allocated 33,788 Offer Shares
• Steen Damgaard, Chief Commercial Officer of the Company, was allocated 21,286 Offer Shares
• Johan Finnestad Chief Operational Officer of the Company was allocated 13,515 Offer Shares; 
• Per Vangsgaard Chief Technical Officer of the Company, was allocated 13,515 Offer Shares
• Stephanie Freeman, Chief Accounting Officer of the Company, was allocated 8,869 Offer Shares

Please see the attached forms for further details of the transactions.

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This information is subject to the disclosure requirements in articles 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320