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TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM Fearnleys Securities Annual Offshore Drilling Seminar January 2026
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Important Information This presentation, any appendices and any additional information supplied with it or subsequently communicated to any person in connection therewith (the “Presentation”) has been prepared by Dolphin Drilling AS (the “Company”) and its subsidiaries (together with the Company, the “Group”), solely for information purposes and does not purport to be complete, exhaustive or to summarise all relevant information. By attending any meeting where this Presentation is made, or by receiving or reading any of the Presentation material, you acknowledge that you have received the information as set forth hereunder and agree to be bound by the following limitations and provisions: This Presentation is for information purposes only and is not intended to be complete or exhaustive. This Presentation has not been reviewed or approved by any regulatory authority or stock exchange. This Presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person including legal entities in any jurisdiction. Neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this Presentation comes should inform themselves about and observe any such restrictions. This Presentation does not contain any advice, hereunder including but not limited to investment advice or financial, legal or tax advice. Each recipient should make its own independent assessment of the information in the Presentation and should take its own professional advice in relation thereto. This Presentation contains information obtained from third parties. As far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be materially inaccurate or materially misleading. The Presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof and may contain certain forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, “forecast”, "could”, “may”, “consider” and similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Group's current expectations and assumptions as to future events and circumstances that may not prove accurate. The forward-looking statements contained in this Presentation (including assumptions, opinions and views of the Group or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither the Company or the Group, nor their respective officers or employees provide any assurance that the assumptions underlying such forward-looking statements are free from errors, nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein. Neither the Company or the Group, nor their respective officers or employees assume any obligation, except as required by law, to update or correct any information included in this Presentation. This Presentation is not a prospectus, disclosure document or offering document and does not purport to be a complete description of the Company, the Group or the markets in which the Group operates. The information in this Presentation has not been independently verified, and no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company or the Group or their respective officers or employees accept any liability whatsoever arising directly or indirectly from the use of this Presentation. By attending any meeting where this Presentation is made, or by receiving or reading any part of this Presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position and business of the Company and the Group and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company’s and the Group’s business. This Presentation speaks as of the date set out on its cover and is subject to change without notice. There may have been changes in matters that affect the Company or the Group subsequent to the date of this Presentation. Neither the delivery of this Presentation nor any further discussions of the Company may have with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company or the Group since such date. The Company has not authorised any other person to provide any persons with any other information related to the Company and the Group, and neither the Company or the Group, nor its respective directors or officers will assume any responsibility for any information other persons may provide. This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court (Oslo tingrett) as exclusive legal venue.
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1. Company Overview 2. Dolphin Drilling Fleet 3. Drilling Market Supply/Demand AGENDA
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1.Company Overview AGENDA
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Consistently deliver safe, reliable and resilient operations across the fleet 5 Extend contract backlog and address 2026 financing requirement Reduce structural costs and improve efficiency while protecting safety and performance 5 Our Key Focus Areas Objective: Create a stable, efficient, and investable platform capable of growth
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Water depth: 65m – 1,800m Land rig Jackup Moored semi- submersibles DP semi- submersibles Drillship ▪ Moored semisub rig sector specialist ▪ The low cost offshore drilling sector – generating attractive returns ▪ Limited supply – low number of units & competitors ▪ Modest size, but with ability to grow / sector consolidate ▪ Two stable revenue streams, third rig contracted ▪ Listed since 2022, ~1650 shareholders ▪ Market cap, ~USD 45 million ▪ Svelland Capital, ~56% of the shares Moored Semisubmersible Rigs 6
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Dolphin Drilling well-known among clients across most offshore basins Diversified operational history Dolphin Drilling has operating licenses in most of the main offshore basins, including the North Sea (Norway SUT and UK safety case), Brazil (Petrobras) 161 Mooring 28 Drillships 28 Dynamic positioning 39 Benign environment 149 Harsh environment 10 Jackups 161 Semi- submersibles Rig types Environment Station Keeping Rig years of experience across selected categories Offices Current and historical operational areas Key strategic focus areas 28 Ultra deepwater Extensive Operational Experience Since 1965 7
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Recent quarter - Booked USD 100 million in new contract backlog 8 Paul B. Loyd, Jr. completed rig survey, ready to harvest for 5 years with limited investments A strong operational drilling heritage preserved with worldwide drilling licenses Moored rig fleet deliver attractive cost-efficient wells for our customers 8 Our Platform - Built For Drilling
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2. Dolphin Drilling Fleet AGENDA
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Dolphin Drilling at a Glance 10
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Firm revenue contract backlog1 at USD 264 million + USD 353 million options. 1) Revenue backlog as of last reporting date (27 November 2025) Rig Fleet – Contract Status 11
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3. Drilling Market Supply/Demand AGENDA
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U U Options Op Option U U Option Option U Option India Spain Option Bra il Bra il Option Rig UKInternational Please note: there are 21 additional rigs in the China & Caspian areas that are not internationally marketed. ’ & UK R Currentcontractsituationby rig 13
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Highly consolidated UK market creating a strong market backdrop for Dolphin Drilling UK w m … … 20 w 2030 Source: IHS Petrodata (underlying data), Arctic Securities (further calculations) 2 4 6 8 10 12 14 16 18 20 22 24 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e -55% Not under contract Contracted 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Utilization 0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 P&A Development Development P&A P&A Workover Development Development P&A Development P&A Development Development Development Development P&A Development Development Development P&A P&A P&A P&ADevelopment No. rigs Min. duration (days) 14 UK Semisubmersible Market Overview
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4. Summary AGENDA
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Continue to deliver safe, reliable and resilient operations across the fleet 16 Extend contract backlog and address 2026 financing requirement Enhance profitability through cost discipline, and lean overhead structure 16 Summary
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56% 44% ~1650 shareholdersSvelland Capital 17 Shareholder Structure
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TRUST • EXCELLENCE • ACCOUNTABILITY • MOMENTUM Oslo – DDRIL.OL Investor Relations contact: ingolf.gillesdal@dolphindrilling.com, +4792045320