Dolphin Drilling AS Board resolutions to increase share capital

Oslo, 6 May 2026: Reference is made to the stock exchange announcement made by Dolphin Drilling AS (the "Company") on 15 April 2026 regarding the private placement of new shares in the Company, raising gross proceeds of the NOK equivalent of approximately USD 62.5 million (the "Private Placement").

The Company's board of directors has resolved to increase the share capital by issue of 6,796,584 new shares at a subscription price of NOK 2.50 per share, directed towards the pre-committing investors in the Private Placement, pursuant to the authorisation granted by the extraordinary general meeting held on 30 April 2026.

Further to this, the board of directors has resolved to increase the share capital by issue of 4,720,000 new shares at a subscription price of NOK 2.50 per share directed towards Borg Partners LLC, as payment of a fee owed by the Company in respect of advisory services rendered by Borg Partners LLC in connection with the Private Placement. The new shares to Borg Partners LLC are issued pursuant to the authorisation granted by the Company's extraordinary general meeting held on 1 December 2025.

Following registration of the abovementioned share capital increases, the Company's registered share capital will be NOK 1,016,894,857.50, divided into 406,757,943 shares, each with a nominal value of NOK 2.50.

For further information, please contact:

Ingolf Gillesdal, CFO Tel: +47 920 45 320

Dolphin Drilling | http://www.dolphindrilling.com (http://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 the Norwegian Securities Trading Act section 5-12 and the Euronext Growth Rule Book part II.