Company update – financial calendar

Reference is made to the market communication of Dolphin Drilling ASA (the "Company") of 29 April 2019 regarding the company's restructuring process and its updated financial calendar for 2019. Reference is also made to the market communication of the Company dated 12 April 2019, which set out the details of the reorganisation and recapitalisation of the Company's drilling business that has been agreed among the secured lenders of the Company (as set out therein, the "Drilling Recapitalisation").

The details of the Drilling Recapitalisation is still subject to discussions. Such discussions are expected to complete or terminate within short.

Notwithstanding the Company's obligations under section 5-6 of the Norwegian Public Limited Companies Act and section 3-1 of the Norwegian Accounting Act, the Company considers that it is the best interest of its stakeholders to postpone the annual general meeting in the current situation. It is expected that the annual general meeting of the Company will take place in July 2019 unless the Company enters into bankruptcy prior to such time. The Company reiterates in this connection that the secured lenders have informed the Company that the Drilling Recapitalisation in any event will be implemented through a consensual transaction or through a bankruptcy in the Company (it being understood that the Company may not to receive any compensation for its drilling business in the event of a bankruptcy).

A solvent completion of the Drilling Recapitalisation will 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).

Even a consensual completion of the Drilling Recapitalisation is expected to leave the Company insolvent with remaining liabilities far exceeding the value of its assets. Absent a voluntary composition of the Company's remaining liabilities (which inter alia will include the bond debt of the Company), the Company will be obligated to file for bankruptcy. In any event, it is doubtful that the Company will continue as a going concern.

The Company reiterates that its drilling business in any event is expected to continue in its ordinary course.

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

This information is subject of the disclosure requirements according to the Norwegian Securities Trading Act.


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