Oslo, 1 December 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 (the "Offer Shares") at a subscription price of NOK 0.011 per share, raising gross proceeds of approximately NOK 151.5 million, equivalent to approximately USD 15 million (the "Private Placement").

Completion of the Private Placement is, among other things, conditional upon the Company's wholly owned subsidiary Dolphin Drilling Offshore AS entering into a binding agreement with Nordic Trustee AS in relation to the bond terms for the "Dolphin Drilling Offshore AS 12,50% senior secured USD 41,505,376 bonds 2025/2027" with ISIN NO0013615567 to allow amortisation relief under the bonds.

The Company hereby announces that Dolphin Drilling Offshore AS entered into such an agreement with Nordic Trustee AS, thereby fulfilling this condition. As a result, the remaining conditions for completion of the Private Placement are: (i) the Company's extraordinary general meeting to be held today resolving to approve the Private Placement and issue the Offer Shares, as well as approval of ancillary resolutions necessary to consummate the Private Placement, including an authorisation to issue commission shares; and (ii) registration of the share capital increase pertaining to the issue of shares with the Private Placement in the Norwegian Register of Business Enterprises.

For further information, please contact: Ingolf Gillesdal, CFO, tel: +47 920 45 320

Dolphin Drilling | www.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.