NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN,
OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL
OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES. THIS ANNOUNCEMENT DOES NOT
CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN. 

September 5, 2022

Reference is made to the stock exchange announcement by S.D. Standard ETC PLC
("SDSD") on September 1, 2022 regarding a contemplated private placement (the
"Private Placement") of new shares in Dolphin Drilling AS (under name change
from NFH 220436 AS) ("Dolphin Drilling" or the "Company").  

The bookbuilding period for the Private Placement was successfully completed on
September 2, 2022, and the Board of Directors of the Company has resolved the
conditional allocation of shares in the Private Placement. The Private Placement
attracted strong interest from high-quality institutional investors. The Company
has raised gross proceeds of USD 45 million, increased from USD 40 million at
launch.

Conditional notification of allocation is expected to be sent to investors on
September 5, 2022. The offer shares are expected to be settled on or about
September 12, 2022 with existing shares on a delivery-vs-payment basis through a
share lending arrangement expected to be entered into between the Company, large
shareholders of the Company and DNB Markets, a part of DNB Bank ASA. The Company
will seek to register its shares on the Euronext N-OTC pending approval of its
application for admission to trading on Euronext Growth Oslo, with expected
commencement of trading on or about September 13, 2022. The pre-money share
ownership of Dolphin Drilling mirrors the existing shareholding of Dolphin
Drilling Holdings Limited, whereby SDSD will own approximately 38-39%, and
Strategic Value Partners LLC ("SVP") and other shareholders will own the
remaining 52% and 9-10% of the Company, respectively.

Prior to completion of the Private Placement, the Company will directly and
indirectly acquire, by way of a share-swap agreement, 100% of the shares in
Dolphin Drilling Holdings Limited, the current top company of the Dolphin
Drilling group against issuance of consideration shares in the Company to the
existing shareholders of Dolphin Drilling Holdings Limited (the "Share-Swap").

The completion of the Private Placement by settlement of offer shares towards
investors is conditional upon corporate resolutions of the Company, completion
of the Share-Swap, and certain other customary conditions. There can be no
guarantee that these conditions will be fulfilled within the time required for
settlement on September 12, 2022 which will cause a delay to the settlement If
they are not fulfilled by October 1, 2022, the Private Placement will be
cancelled. 

After the closing of the Private Placement, Dolphin Drilling will apply for its
shares to be registered on Euronext Growth Oslo. Subject to approval of such
application by the Oslo Stock Exchange, the first day of listing is expected to
be mid October 2022.
 
The net proceeds from the Private Placement will primarily be used by the
Company to finance the special periodic survey ("SPS") and mobilization of
Blackford and reactivation of Borgland as well as general corporate purposes and
working capital.

DNB Markets, a part of DNB Bank ASA, Arctic Securities AS and Pareto Securities
AS are acting as managers for the Private Placement (the "Managers").
Advokatfirmaet Schjødt AS is acting as legal counsel to the Company, and
Advokatfirmaet Wiersholm AS is acting as legal counsel to the Managers.

The information in this announcement is considered to be inside information
pursuant to the EU Market Abuse Regulation for SDSD. This information is subject
to the disclosure requirements pursuant to section 5-12 of the Norwegian
Securities Trading Act. This stock exchange notice was published by Espen
Lundaas, consultant of SDSD, on September 5, 2022 at 07.00 CEST.

Important Notice: 
These materials do not constitute or form a part of any offer of securities for
sale or a solicitation of an offer to purchase securities of Dolphin Drilling in
the United States or any other jurisdiction. The securities of the Company may
not be offered or sold in the United States absent registration or an exemption
from registration under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"). The securities of the Company have not been, and will not be,
registered under the U.S. Securities Act. Any sale in the United States of the
securities mentioned in this communication will be made solely to "qualified
institutional buyers" as defined in Rule 144A under the U.S. Securities Act. No
public offering of the securities will be made in the United States. 

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State). 

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.
 
This statement contains certain forward-looking statements concerning future
events, including possible issuance of equity securities of the Company.
Forward-looking statements are statements that are not historical facts and may
be identified by words such as "anticipate", "believe", "continue", "estimate",
"expect", "intends", "may", "should", "will" and similar expressions. The
forward-looking statements in this release are based upon various assumptions,
many of which are based, in turn, upon further assumptions. Although the Company
believes that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to
predict and are beyond its control. Actual events may differ significantly from
any anticipated development due to a number of factors, including without
limitation, changes in investment levels and need for the Company's services,
changes in the general economic, political and market conditions in the markets
in which the Company operates, the Company's ability to attract, retain and
motivate qualified personnel, changes in the Company's ability to engage in
commercially acceptable acquisitions and strategic investments, and changes in
laws and regulation and the potential impact of legal proceedings and actions.
Such risks, uncertainties, contingencies and other important factors include,
but are not limited to, the possibility that we will determine not to, or be
unable to, issue any equity securities, and could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. 

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. Each of the Company, the Managers and their respective affiliates
expressly disclaims any obligation or undertaking to update, review or revise
any statement contained in this announcement whether as a result of new
information, future developments or otherwise. 

The Managers are acting exclusively for the Company and no one else and will not
be responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein. Neither the
Managers nor any of their respective affiliates makes any representation as to
the accuracy or completeness of this announcement and none of them accepts any
responsibility for the contents of this announcement or any matters referred to
herein.
 
This announcement is for information purposes only. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement. 

The Private Placement may be influenced by a range of circumstances, such as
market conditions, and there is no guarantee that the Private Placement will
proceed and that the Listing will occur. 

Certain figures contained in this document, including financial information, may
have been subject to rounding adjustments. Accordingly, in certain instances,
the sum or percentage change of the numbers contained in this document may not
conform exactly with the total figure given. 

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. Specifically, neither this announcement nor
the information contained herein is for publication, distribution or release, in
whole or in part, directly or indirectly, in or into or from the United States
(including its territories and possessions, any State of the United States and
the District of Columbia), Australia, Canada, Hong Kong, Japan or any other
jurisdiction where to do so would constitute a violation of the relevant laws of
such jurisdiction. The publication, distribution or release of this announcement
may be restricted by law in certain jurisdictions and persons into whose
possession any document or other information referred to herein comes should
inform themselves about and observe any such restriction. Any failure to comply
with these restrictions may constitute a violation of the securities laws of any
such jurisdiction.