Subsequent offering - subscription period ends today

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 IN THE PROSPECTUS

Oslo, Norway, 21 January 201 - Dolphin Group ASA
(OSE:DOLP)

Reference is made to the announcement dated 13
December 2010 and the prospectus dated 5 January 2011
(the "Prospectus") concerning the subsequent offering
of up to 4,824,000 shares in Dolphin Group ASA at a
subscription price of NOK 2.50.

The subscription period for the subsequent offering
will end today, 21 January 2011, at 17.30 CET.

The Prospectus and the application form for the
subsequent offering is available at the Company's
website www.dolphinics.com and at the websites of the
managers, SEB Enskilda (www.sebenskilda.no) and First
Securities (www.first.no).

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

For further information, please contact:

Ketil Sundal, CFO
Phone: +47 23 16 70 02
Mob: +47 95 92 21 04
E-mail: ketil@dolphinics.com

Dolphin Group ASA
Olaf Helsetsvei 6
0619 OSLO

Phone: +47 23 16 70 00
Fax: +47 23 16 71 80

www.dolphinics.com

www.dolphingeo.com