Dolphin Drilling AS: New share capital registered

Oslo, 22 September 2023

Reference is made to the stock exchange announcement by Dolphin Drilling AS (the "Company") (ticker code: DDRIL) on 14 September 2023 regarding the final results in the subsequent offering (the "Subsequent Offering") of 11,100,000 new shares in the Company (the "Offer Shares"), at a subscription price of NOK 7.50 per Offer Share.

The share capital increase relating to the Subsequent Offering has today been registered with the Norwegian Register of Business Enterprises. The Company's new share capital is NOK 219,890,099 divided on 219,890,099 shares, each with a par value of NOK 1.00.

The Offer Shares allocated in the Subsequent Offering are now tradable.

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 4^th an 5^th 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 employees, and onshore locations in Norway, Scotland, Brazil, and Nigeria.