Dolphin Drilling secures bond amendment, advances private placement

Dolphin Drilling AS announced on December 1, 2025, that its wholly-owned subsidiary, Dolphin Drilling Offshore AS, has entered into a binding agreement with Nordic Trustee AS. This agreement, pertaining to bond terms, allows amortization relief under the "Dolphin Drilling Offshore AS 12.50% senior secured USD 41,505,376 bonds 2025/2027" (ISIN NO0013615567), fulfilling a critical condition for the company's previously announced private placement.

The private placement, announced on November 11, 2025, involves issuing 13,774,772,727 new shares at a subscription price of NOK 0.011 per share, aiming to raise gross proceeds of approximately NOK 151.5 million. With the bond amendment secured, two remaining conditions for completion are the approval of the private placement and ancillary resolutions at today's extraordinary general meeting, and the subsequent registration of the share capital increase with the Norwegian Register of Business Enterprises.

Dolphin Drilling AS, an Oslo-listed and Aberdeen-headquartered company, operates a fleet of harsh environment mid-water and deep-water semisubmersible drilling rigs globally.