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Regulatory press release

Dolphin Drilling AS – Board resolution to increase share capital

Dolphin Drilling

Oslo, 8 December 2025: Reference is made to the stock exchange announcements made by Dolphin Drilling AS (the "Company") on 11 November 2025 regarding the private placement of new shares in the Company, raising gross proceeds of NOK 151.5 million, equivalent to approximately USD 15 million (the "Private Placement"), and on 1 December 2025 regarding the Company's extraordinary general meeting resolving to, inter alia, approve the issuance of new shares in the Private Placement and grant an authorisation to the Board to issue new shares as compensation to the underwriters in the Private Placement (the "Commission Shares").

The Company's board of directors has resolved to increase the share capital by issue of 1,377,477,272 Commission Shares, as authorised by the extraordinary general meeting on 1 December 2025.

Upon registration of the share capital increase, the Company's registered share capital will be NOK 477,847,279.46, divided into 47,784,727,946 shares, each with a nominal value of NOK 0.01.

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 5-12 of the Norwegian Securities Trading Act and the Euronext Growth Rule Book Part II.

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