Dolphin Drilling announces a fully underwritten private placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

London, November 11, 2025, (Oilandgaspress) –– Dolphin Drilling AS (the “Company”) announces a fully underwritten private placement of approximately NOK 151.5 million, equivalent to approximately USD 15 million by issuance of 13,774,772,727 new shares (the “Offer Shares”) in the Company (the “Private Placement”). The subscription price per Offer Share in the Private Placement will be at a fixed price of NOK 0.011 (the “Offer Price”).
The Company has appointed Arctic Securities AS, DNB Carnegie, a part of DNB Bank ASA, and Fearnley Securities AS as joint bookrunners in the Private Placement (together, the “Managers”).
Mirabella Financial Services LLP, on behalf of Svelland Global Trading Master Fund and certain other accounts (together, “Svelland”) and Starship Investments AS (“Starship”), have, subject to customary conditions, agreed to underwrite the Private Placement of new Offer Shares for in the NOK equivalent of maximum USD 11.5 million and NOK 34 million, respectively, amounting to the NOK equivalent of approximately USD 15 million (together, the “Underwriters”). An underwriting fee equal to 10% of the underwriting commitment will be payable by the Company to the Underwriters in the form of 1,377,477,272 new shares in the Company (the “Commission Shares”) at a subscription price equal to the Offer Price, subject to approval by the EGM (as defined below).
The net proceeds to the Company from the Private Placement will be used to part finance Borgland reactivation cost for contract with Repsol, payments of a tax claim owed to His Majesty’s Revenue and Customs (“HMRC”), and general corporate purposes, including transaction costs.
The Private Placement, together with a deferred amortization of approximately USD 5.5 million which the Company’s main lender has agreed in principle, is estimated to extend the Company’s liquidity runway until April 2026. Please see the preliminary unaudited financials for the third quarter 2025 included in the Company Update (as defined below) for more information.
The Offer Price has been determined by the Company’s board of directors (the “Board”) in consultation with the Managers.
The issuance of Offer Shares and the Commission Shares will be subject to approval by an extraordinary general meeting of the Company expected to be held on or about 1 December 2025 (the “EGM”).

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