Oslo / Las Palmas, October 6, 2025 — Dolphin Drilling AS (“Dolphin”) has formalized a new contract with Repsol, granting the Spanish energy company the utilization of Dolphin’s semi-submersible rig Borgland Dolphin. The deal is valued at approximately USD 60 million.

Under the agreement, Dolphin will mobilize the rig to carry out well operations, as well as plug-and-abandonment work, beginning in late 2026. The base contract covers seven wells over a minimum period of 220 days, with an option to extend operations to cover three additional wells.

At present, Borgland Dolphin is in a warm-stacked condition at Las Palmas, undergoing its final special periodic survey prior to mobilization. Dolphin continues to market the rig for additional assignments to optimize utilization across its fleet.

Jon-Oliver Bryce, CEO of Dolphin Drilling, commented:

“This award underscores the confidence that operators place in both Dolphin’s technical team and the performance record of Borgland Dolphin. As we ready the rig for its next assignment, we remain committed to delivering operations that are safe, efficient, and reliable, thereby creating long-term value for our partners and shareholders.”

This contract follows an earlier Letter of Intent announced in September 2025, which laid the groundwork for these formal engagements.