Oslo, 1 December 2025: Reference is made to the stock exchange announcement made by Dolphin Drilling AS (the "Company") earlier today regarding completion of the extraordinary general meeting where it was, among other things, resolved to issue 13,774,772,727 new shares in the Company at a subscription price of NOK 0.011 per share, raising gross proceeds of approximately USD 15 million (the "Private Placement").

Mirabella Financial Services LLP (on behalf of Svelland Global Trading Master Fund and certain other accounts, collectively referred to as "Svelland") has subscribed for 10,129,792,249 shares in the Private Placement. Following registration of the share capital increase with the Norwegian Register of Business Enterprises, Svelland's total direct and indirect shareholding will increase from 16,014,802,966 to 26,144,595,215 shares, corresponding to an increase from 49.08% to 56.34% of the outstanding share capital and votes, thereby crossing the 50% major holding threshold.

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 the disclosure requirements pursuant to section 4.3.1 of the Euronext Growth Markets Rule Book I.