Dolphin Drilling ASA - Update on restructuring process and financial calendar for 2019

Reference is made to the company update dated 12 April 2019 where it was communicated that the lenders under Dolphin Drilling ASA's USD 2,000 million secured credit facility (the "Facility Agreement") holding more than 78% of the principal amount outstanding under such facility have entered into an agreement for the reorganisation and recapitalisation of the drilling business of Dolphin Drilling ASA (the "Company") and its subsidiaries (the "Drilling Recapitalisation").

The Company has now been informed that all lenders under the Facility Agreement have consented to the Drilling Recapitalisation, whereby it is contemplated that the Company's mid-water drilling business will be delivered and transferred to a new holding company controlled by the lenders under the Facility Agreement.

As communicated in the company update dated 12 April 2019, a solvent completion of the Drilling Recapitalisation by the Company will also require a resolution by the bondholder meeting in the Company's bond issue with ISIN NO0010704125 (supported by at least 2/3 of the voting bonds), as well as a resolution by the Company's shareholder meeting (supported by at least 2/3 of the voting shares). The Drilling Recapitalisation is still under consideration by representatives of the relevant stakeholders. Representatives of the lenders under the Facility Agreement have however informed the Company that they will take steps to implement the Drilling Recapitalisation with or without the consent of the other stakeholders, through a solvent liquidation or through a bankruptcy in the Company.

On this background, the Company has decided not to publish an interim report for Q1 2019. Furthermore, the annual general meeting of the Company and the Company's half-yearly report will be postponed to 28 June and 30 August 2019 respectively.

The Company's updated financial calendar for 2019 will therefore be as follows:

28.06.2019 - Annual General Meeting

30.08.2019 - Half-yearly Report

24.10.2019 - Quarterly Report - Q3

Contact: Ivar Brandvold, CEO, (+47) 22 34 10 00 Hjalmar Krogseth Moe, CFO, (+47) 22 34 10 00

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act section 5-12.

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