Oslo, 28 August 2026: Reference is made to the previous stock exchange announcements made by Dolphin Drilling AS ("Dolphin" or the "Company") on 8 November 2025 and 14 July 2025 relating to the Company's arbitration award against General Hydrocarbons Limited ("GHL").
GHL has approached Dolphin with a non-binding, indicative proposal for an amicable solution in respect of the settlement of the arbitration award. The proposal involves a potential deployment of the Blackford Dolphin rig in Nigeria, combined with cash settlement of a portion of the amount awarded under the arbitration award.
Dolphin considers GHL's decision to initiate contact a positive development. Although the proposal as presented does not meet Dolphin's requirements, the starting point is encouraging from a settlement point of view and Company is prepared to engage constructively with GHL in respect of any proposal that is capable of delivering a commercially sound outcome for Dolphin, all relevant factors taken into consideration.
There can be no assurance or guarantee that any discussions will commence or, if commenced, that they will progress or result in any agreement, or as to the terms, structure, consideration or timing of any such agreement. The timing and outcome of any process remain highly uncertain. Regardless of any such discussions, Dolphin will continue to pursue collection efforts in respect of its unsecured claim.
Further information will be provided if and when appropriate.
About Dolphin Drilling AS
Dolphin Drilling AS, headquartered in Aberdeen, UK, is an owner and operator of a fleet of harsh environment mid-water & deep-water semisubmersible drilling rigs, capable of working worldwide. The company is listed in Oslo.