(Oslo, 6 July 2023) Reference is made to the stock exchange announcement made by Dolphin Drilling AS (the "Company") on 30 June 2023 regarding the minutes from the extraordinary general meeting (the "EGM") of the Company held on the same date.

The new share capital reflecting the issue of the 8,447,120 new A-shares approved at the EGM has now been registered in the Norwegian Register of Business Enterprises. The Company's new share capital is NOK 1,327,660,190, divided on 124,318,899 ordinary shares and 8,447,120 class A-shares, all of NOK 10 par value. The A-shares will be held on a separate ISIN and will not be admitted to trading on Euronext Growth Oslo. Upon the completion of the share capital reduction approved at the EGM, expected medio August 2023, each class A-share will be converted to ordinary shares by way of a split into 10 ordinary shares and transferred to the ordinary ISIN of the Company.

For further information, please contact:

Ingolf Gillesdal email: ingolf.gillesdal@dolphindrilling.com, 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 4th and 5th 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 offices and operations in Norway, Scotland, Brazil, and Nigeria.