As resolved by the extraordinary general meeting and upon consummation of the Private Placement, the following primary insiders of the Company and their close associates will receive shares in the Private Placement:

• Bjørnådal Invest AS, a close associate of chair of the board of directors Ronny Bjørnådal, will receive 481,274,750 shares in the Private Placement.
• B.O Steen Shipping AS, a close associate of board member and primary insider Bertel Steen, will receive 4,812,747,500 shares in the Private Placement. In addition, Skarris Kapital AS, also considered a close associate of Bertel Steen, will receive 114,616,515 shares in the Private Placement.
• The Company's CEO, Jon Oliver Bryce, will receive 25,000,000 shares in the Private Placement.
• Golfnyc AS, a close associate of CFO and primary insider Ingolf Gillesdal, will receive 25,000,000 shares in the Private Placement.
• The Company's COO, Johan Finnestad, will receive 20,000,000 shares in the Private Placement.
• The Company's CTO, Per Vangsgaard, will receive 15,000,000 shares in the Private Placement.

Please see the enclosed forms for further details.

Please refer to the stock exchange announcement published earlier today on 21 July 2025 for further information on the consummation of the Private Placement. Separate announcements will be made in connection with issuance and subscription of new shares (commission shares) to investors who pre-committed to subscribe for shares in the Private Placement, payable by the Company as compensation for their pre-commitments.

For further information, please contact:

Ingolf Gillesdal, CFO

Mob: +47 920 45 320

Mail: Ingolf.gillesdal@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.