(Oslo, 28 February 2023) Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today announces a company update following the release of the fourth quarter 2022 financial results, where the key event was the Special Periodic Survey (SPS) of the Blackford Dolphin prior to the commencement of the drilling contract with General Hydrocarbons Limited (GHL).

“The fourth quarter of 2022 was a busy period for Dolphin Drilling with the finalization of the preparation of the Blackford Dolphin to commence its 12-month drilling contract for GHL in Nigeria in mid-March 2023. Our preparations in the fourth quarter provided a good platform for 2023 when we will return to revenue-generating operations,” says Bjørnar Iversen, CEO of Dolphin Drilling.

During the first months of 2023, Dolphin Drilling signed a Letter of Award (LOA) for additional work in Nigeria in direct continuation with the drilling contract with GHL. The LOA has the potential to extend the backlog by a minimum of 120 days and up to 485 days. The effective day rate associated with the minimum firm period of the LOA is USD 325,000, including the mobilization fee.

“The most recent LOA to extend Blackford’s backlog underlines the potential of our assets. We currently see increased tender activity for standard moored rigs in all global markets underlines these expectations,” Bjørnar Iversen concludes.

Dolphin Drilling will present its fourth quarter 2022 and interim full-year results in a webcast today, 28 February 2022, at 10:00 CEST. The presentation material is enclosed with this announcement. The webcast can be accessed from this link:

Dolphin Drilling Q4 webcast 2802.2023 - registration link

Questions may be submitted online during the presentation. The fourth quarter report and presentation are attached to this release and is available on the company's website. A recording of the presentation will also be made available after today’s event.

For further information, please contact:

Ingolf Gillesdal, Corporate Finance and Investor Relations, tel: +47 920 45 320