Oslo, 1 December 2025: Reference is made to the stock exchange announcement
made by Dolphin Drilling AS (the "Company") earlier today regarding completion
of the extraordinary general meeting where it was, among other things,
resolved to issue 13,774,772,727 new shares in the Company at a subscription
price of NOK 0.011 per share, raising gross proceeds of approximately USD 15
million (the "Private Placement").

Mirabella Financial Services LLP (on behalf of Svelland Global Trading Master
Fund and certain other accounts, collectively referred to as "Svelland") has
subscribed for 10,129,792,249 shares in the Private Placement. Following
registration of the share capital increase with the Norwegian Register of
Business Enterprises, Svelland's total direct and indirect shareholding will
increase from 16,014,802,966 to 26,144,595,215 shares, corresponding to an
increase from 49.08% to 56.34% of the outstanding share capital and votes,
thereby crossing the 50% major holding threshold.

For further information, please contact: Ingolf Gillesdal, CFO, tel: +47 920
45 320

Dolphin Drilling | 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 section
4.3.1 of the Euronext Growth Markets Rule Book I.