DOLPHIN DRILLING AS – FULLY UNDERWRITTEN PRIVATE PLACEMENT AND COMPANY UPDATE

Oslo, 11 November 2025: Dolphin Drilling AS (the "Company") announces a fully underwritten private placement of approximately NOK 151.5 million, equivalent to approximately USD 15 million by issuance of 13,774,772,727 new shares (the "Offer Shares") in the Company (the "Private Placement"). The subscription price per Offer Share in the Private Placement will be at a fixed price of NOK 0.011 (the "Offer Price").

The Company has appointed Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, and Fearnley Securities AS as joint bookrunners in the Private Placement (together, the "Managers").

Mirabella Financial Services LLP, on behalf of Svelland Global Trading Master Fund and certain other accounts (together, "Svelland") and Starship Investments AS ("Starship"), have, subject to customary conditions, agreed to underwrite the Private Placement of new Offer Shares for in the NOK equivalent of maximum USD 11.5 million and NOK 34 million, respectively, amounting to the NOK equivalent of approximately USD 15 million (together, the “Underwriters”). An underwriting fee equal to 10% of the underwriting commitment will be payable by the Company to the Underwriters in the form of 1,377,477,272 new shares in the Company (the "Commission Shares") at a subscription price equal to the Offer Price, subject to approval by the EGM (as defined below).

The net proceeds to the Company from the Private Placement will be used to part finance Borgland reactivation cost for contract with Repsol, payments of a tax claim owed to His Majesty's Revenue and Customs ("HMRC"), and general corporate purposes, including transaction costs.

The Private Placement, together with a deferred amortization of approximately USD 5.5 million which the Company’s main lender has agreed in principle, is estimated to extend the Company’s liquidity runway until April 2026. Please see the preliminary unaudited financials for the third quarter 2025 included in the Company Update (as defined below) for more information.

The Offer Price has been determined by the Company's board of directors (the "Board") in consultation with the Managers.

The issuance of Offer Shares and the Commission Shares will be subject to approval by an extraordinary general meeting of the Company expected to be held on or about 1 December 2025 (the "EGM").

Company update

Please see attached a company update presentation (the "Company Update") including, among other things, selected preliminary unaudited financials for the third quarter of 2025.

The Application Period

The application period for the Private Placement will commence today, on 11 November 2025, at 16:30 CET, and close on or before 12 November 2025 at 08:00 CET (the "Application Period"). The Company, in consultation with the Managers, reserves the right at any time at their sole discretion to close or extend the Application Period. If the Application Period is extended, the other dates referred to herein will be extended accordingly.

Conditions for completion of the Private Placement

Completion of the Private Placement is subject to: (A) the Board resolving to consummate the Private Placement and conditionally allocate the Offer Shares, (B) the EGM 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 the Commission Shares and an authorisation to carry out a subsequent offering, (C) the Company's wholly owned subsidiary Dolphin Drilling Offshore AS having entered 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, as described in the attached Company Update, and (D) registration of the share capital increase pertaining to issue of the Offer Shares in the Norwegian Register of Business Enterprises. Delivery of Offer Shares on a delivery versus payment ("DvP") basis on the timeline indicated below is subject to the Company and Managers having entered into a pre-funding agreement. The conditions described above are jointly referred to as the "Conditions").

The Company reserves the right to cancel or modify the terms of the Private Placement at any time and for any reason. Neither the Managers nor the Company or any of their directors, officer, employees, representatives, or advisors will be liable for any losses if the Private Placement is cancelled or modified, irrespective of the reason for such cancellation or modification.

Allocation

Allocation (conditional upon approval by the EGM and satisfaction of the other Conditions) will be made at the sole discretion of the Board, in consultation with the Managers.

The allocation will be based on criteria such as (but not limited to) underwriting commitments, perceived investor quality, existing ownership in the Company, timeliness of the application, early indication, relative order size, sector knowledge, investment history and investment horizon. The Board reserves the right at its sole discretion, to reject and/or reduce any applications, in whole or in part. The Board and the Managers reserve the right, at their sole discretion, to take into account the creditworthiness of any applicant. There is no guarantee that any potential investor will be allocated Offer Shares.

Notifications of conditional allocation are expected to be issued to the applicants on or about 12 November 2025 through a notification to be issued by the Managers.

Selling restrictions

The Private Placement will be directed towards selected Norwegian and international investors, subject to applicable exemptions from relevant registration, filing and prospectus requirements, and subject to other applicable selling restrictions. The minimum application and allocation amount has been set to the NOK equivalent of EUR 100,000 per investor. However, the Company may offer and allocate Offer Shares for an amount below the NOK equivalent of EUR 100,000 to the extent applicable exemptions from the prospectus requirements pursuant to the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "EU Prospectus Regulation"), the Norwegian Securities Trading Act (the "STA") and ancillary regulations are available. Further selling restrictions and transaction terms will apply.

Settlement

Settlement of the Offer Shares is expected to take place by delivery of Offer Shares to the applicant's account in the Euronext Securities Oslo (the "VPS") on a DvP basis on or about 3 December 2025, subject to any extensions of the Application Period and fulfilment of the Conditions (as defined above), including the necessary resolutions by the EGM. The Offer Shares are expected to be settled on a DVP basis, to be facilitated through a pre-funding agreement between the Company and the Managers.

Equal treatment of shareholders

The Private Placement has been considered by the Board in light of the principles of equal treatment of shareholders under the Norwegian Private Limited Liability Companies Act, and the Board is of the opinion that it is in compliance with these principles. The purpose of the Private Placement is to part finance Borgland reactivation cost for contract with Repsol, fund payments of a tax claim owed to HMRC and for general corporate purposes, including transaction costs. By structuring the equity raise as a private placement, the Company is able to efficiently raise the necessary capital for the abovementioned purposes. The Company has also conducted an investor pre-sounding process with existing and new investors to obtain the best possible terms for the Private Placement. In addition, the Company has received underwriting commitments from the Underwriters to reduce transaction risk. To limit the dilutive effect of the Private Placement and to facilitate equal treatment, the Board will consider proposing to carry out a Subsequent Offering directed towards existing shareholders in the Company as further described below. The Private Placement and ancillary corporate resolutions, including the issuance of the Offer Shares, are subject to approval by the EGM, at which the Company's shareholders will be given an opportunity to express their opinion and vote over the transaction. On this basis, the Board is of the opinion that the waiver of the preferential rights inherent in the Private Placement is in the common interest of the Company and its shareholders.

Subsequent Offering

The Company may, subject to completion of the Private Placement, approval by the EGM and certain other conditions, resolve to carry out a subsequent offering of new shares in the Company at the Offer Price (the "Subsequent Offering"). Any such Subsequent Offering, if applicable and subject to applicable securities laws, will be directed towards existing shareholders in the Company as of 11 November 2025 (as registered in the VPS two trading days thereafter), who (i) were not included in the pre-sounding phase of the Private Placement, (ii) were not allocated Offer Shares in the Private Placement, and (iii) are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any prospectus, filing, registration or similar action. The Company reserves the right in its sole discretion to not conduct or to cancel any Subsequent Offering.

Advisors

Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA and Fearnley Securities AS are acting as joint bookrunners in the Private Placement.

Wikborg Rein Advokatfirma AS serves as legal counsel to the Company.

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 considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

This stock exchange release was published by Ingolf Gillesdal on the time and date provided.

IMPORTANT INFORMATION

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. None of the Managers or any of their respective affiliates or any of their respective directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. This announcement has been prepared by and is the sole responsibility of the Company.

Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any securities referred to herein in the United States or to conduct a public offering of securities in the United States.

Any offering of the securities referred to in this announcement will be made by means of a set of subscription materials provided to potential investors. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned subscription material. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons in the United Kingdom that are "qualified investors" within the meaning of the EU Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018 and that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will only be conducted with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The Managers and their respective affiliates are acting exclusively for the Company and no-one else in connection with the Private Placement. They will not regard any other person as their respective clients in relation to the Private Placement and will not be responsible to anyone other than the Company, for providing the protections afforded to their respective clients, nor for providing advice in relation to the Private Placement, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Private Placement, the Managers and any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such shares and other securities of the Company or related investments in connection with the Private Placement or otherwise. Accordingly, references in any subscription materials to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, such Managers and any of their respective affiliates acting as investors for their own accounts. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "aim", "expect", "anticipate", "intend", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, each of the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.