Dolphin to raise USD 60-65m in new equity

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA,
AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH
THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER
RESTRICTIONS ARE APPLICABLE. PLEASE SEE THE IMPORTANT
NOTICE AT THE END OF THE STOCK EXCHANGE RELEASE.

OSLO, Norway, 8 December, 2010 - Dolphin Interconnect
Solutions ASA (OSE: DOLP)

Further to the announcement by Dolphin Interconnect
Solutions ASA ("Dolphin") on 29 November 2010, the
Board of Dolphin has retained SEB Enskilda AS and
First Securities AS as joint lead managers and
bookrunners (collectively referred to as
the "Managers") to advise on and effect an equity
issue of USD 60-65 million (approx. NOK 360-390
million) through a private placement (the "Private
Placement") directed to professional Norwegian and
international investors.

The proceeds from the Private Placement will be used
for establishing a marine seismic division within
Dolphin including, but not limited to, the equity
part of the streamer package investment, working
capital for vessels and planned MC projects,
administrative expenses and general corporate
purposes.

The Managers have already received substantial pre-
subscriptions from existing and new investors,
including approx. USD 5 million from Dolphin board
members, management, key personnel and related
parties.

The issue price for the Private Placement will be NOK
2.50 per share. The minimum order in the Private
Placement has been set at an amount equalling at
least the NOK equivalent of EUR 50,000.

The subscription period will commence today, 8
December 2010, at 17:30 CET and close on 10 November
2010 at 08.30 CET. The Board of Dolphin may, however,
at any time decide to close or extend the application
period at its own discretion.

The allocation of the placement shares will be
determined at the end of the subscription period. The
final allocation of placement shares will be made at
the Board's sole discretion. Following the approval
of the Private Placement at the EGM expected to be
held 20 December 2010 and payment for the of
placement shares, the investors will receive
placement shares registered on a separate
International Securities Identification Number (ISIN)
than the existing shares of Dolphin. Listing and
trading of the placement shares on Oslo Børs or Oslo
Axess is subject to approval of the listing
prospectus by the Norwegian Financial Supervisory
Authority ("FSA"), at which time the placement shares
are transferred to the same ISIN as the existing
shares of Dolphin. The approval of the listing
prospectus is expected to take place ultimo December
2010. The Board of Dolphin will also propose to
conduct a subsequent offering directed towards
shareholders in Dolphin that did not participate or
were not invited to participate in the Private
Placement. The size of the subsequent issue is
estimated to be maximum USD 2 million.

The Board reserves the right, at its absolute
discretion, to cancel the Private Placement at any
time.

For further information, please contact:

Atle Jacobsen
Chairman, Dolphin Interconnect Solutions ASA
Tel. + 47 977 15 336

Erik Hokholt
Board member, Dolphin Interconnect Solutions ASA
Tel. +47 907 56 064

Ketil Sundal
CFO, Dolphin Interconnect Solutions ASA
Tel. + 47 959 22 104

This information is subject of the disclosure
requirements acc. to §5-12 vphl (Norwegian Securities
Trading Act)