DOLPHIN GROUP INTELLIGENT, FAST AND FRIENDLY COMPANY PRESENTATION SEG 2012 NOVEMBER 2012

DOLPHIN GROUP INTELLIGENT, FAST AND FRIENDLY COMPANY PRESENTATION SEG 2012 NOVEMBER 2012

Disclaimer This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Dolphin Group ASA ( Dolphin Group or Dolphin ) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Dolphins businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Dolphin believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Dolphin nor any other company within the Dolphin group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Dolphin, any other company within the Dolphin Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Dolphin undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report. There may have been changes in matters which affect Dolphin Group subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of Dolphin Group has not since changed, and Dolphin Group does not intend, and does not assume any obligation, to update or correct any information included in this presentation. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts. 2

Dolphin Group at a glance A full service marine geophysical company providing high quality: Contract seismic Multi-Client Processing capabilities A fleet of 7 seismic vessels: Five modern 3D high-end vessels, of which two are to be delivered in 2013 and 2014 Two ice-class 2D vessels Industry recognized management team with extensive experience and with successful track record for listed companies Listed on Oslo Stock Exchange under the ticker DOLP Presence in Norway, UK, Singapore, Brazil and Houston Established as a marine geophysical company in 2010 3

Dolphin Group Business Segments MARINE MULTI-CLIENT PROCESSING TECHNOLOGY EXPANDING MODERN FLEET GROWING MULTI-CLIENT DATA LIBRARY FULL ONSHORE AND OFFSHORE PROCESSING SERVICE DOLPHIN INTERCONNECT IN PRODUCTION 2x High-End 3D vessels 1x Mid size 3D vessel 2x Ice-class 2D vessels UNDER CONSTRUCTION 2x High-End 3D vessels with delivery in Q2 2013 and Q1 2014 Library of modern 2D and 3D data Areas of focus: North Sea West Africa Brazil USD 31m already invested. Totally 10,000 sq.km of 3D and 45,000 km of 2D successfully completed In house software development and R&D Processing centre in UK On-board processing on all vessels Developed advanced seismic broadband solution (SHarp) In-house software and hardware development Targeting the PCIe* market Technology integrated into Dolphin Processing hardware solution PCIe= Peripheral Component Interconnect express 4

Q3 Quarterly developments revenues, EBITDA and EBIT 1) Revenues (USDm) EBITDA (USDm) EBIT (USDm) 70 60 50 40 30 20 10 0 61.2 50.0 43.0 34.6 30.1 Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3E (12) 35 30 25 20 15 10 5 0 28.9 23.0 9.1 4.5 2.6 Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3E (12) 20 15 10 5 0-5 16.8 10.6 5.5-0.6-3.1 Q3 (11) Q4 (11) Q1 (12) Q2 (12) Q3E (12) Q3 Significant increase in revenues since Q3 2011 and EBIT improved 3 times in same period Q3 Approximately USD 16 million in expected revenues generated from sale of Multi-Client seismic data Q3 Expected EBITDA of USD 28.9 million, representing a 47.2% EBITDA margin Q3 Expected EBIT of USD 16.8 million, representing a 27.4% EBIT margin Q3 Highest operating margins ever achieved by Dolphin The strong result is primarily caused by high operational efficiency, improved contract pricing, high utilization of the seismic fleet and strong multi-client sales from Dolphin's new 2012 projects 1) Q3 figures show preliminary guiding as stated in press release dated 26.10.2012 5

Experience from developing dominant players in the seismic industry CEO Atle Jacobsen CFO Erik Hokholt Operations Vice President Peter Hooper Technical Vice President Bjarne Stavenes Chief Geophysicist Dr. Gareth Williams QHSE Vice President Mike Hodge Marketing & Sales Vice President Phil Suter President Western Hemisphere Tim Wells Multi-Client Vice President Ian T. Edwards 6

Company strategy Provide a full range of in-house marine geophysical services Asset light strategy; all vessels charted in on medium to long term TC contracts. Multi years options (at fixed prices) to extend TC contracts. Key seismic equipment to be owned by the company Flexibility to match fleet size to market conditions Attractive vessel cash break-even levels Modern high end fleet with proven design and efficient operations Target a balanced growth mix between contract seismic** and Multi-Client** Currently present in 2D- and 3D contract seismic and Multi-Client markets Scheduled growth aimed at the 3D segments, 2D activity to be stable or reduced Continue to expand within Multi-Client investments Fleet allocation between contract seismic and Multi-Client next years expected to be approx. 80-20% for the 3D fleet and 50-50% for the 2D vessels Increase processing capacities Global presence but with main focus on the major E&P regions; the North Sea, Brazil, West Africa and GoM Maintain a strong financial position ** Contract seismic: Acquisition of seismic data on an exclusive basis, mainly short to medium term contracts towards oil companies and national governing bodies Multi-Client: acquire and license non-exclusive data, sold to multiple customer both pre survey start (prefunding) and post data acquisition (late sales)

Two high-end 3D seismic vessels to be delivered in 2013 and 2014, complementing one of the industry s most modern fleets Polar Explorer (2D) Artemis Atlantic (2D) Polar Duchess (3D, 12-14 str) Sanco Swift Sanco Sword Delivered Jan 2011 Delivered May 2011 Delivered April 2012 Delivery Q2 13 Delivery Q1 14 Jan 11 May 11 Phase I Phase II Q1 12 Q2 13 Q1 14 Polar Duke (3D, 12-14) Artemis Arctic (3D -8str) Delivered May 2011 Delivered May 2011 8

Current fleet with a track record of operational excellence Sanco Swift / Sanco Sword (3D) Polar Duke / Polar Duchess (3D) Artemis Arctic (3D) Artemis Atlantic (2D) Main dimensions L=96m L=102m L=74m L=68m B=21.5/23m B=19/22m B=18m B=15m Draft= 7m Draft= 6.5m Draft= 8.5m Draft=7-8m Ice Class Yes None None Yes Streamers 14 (16) 12 (14) 8 1 Max. transit speed 16-18kts 18-20kts 14kts 14kts Max streamer capacity 144 km/16x7.5/14x10/12x12 120 km/14x8/12x10 48 km/6x8/8x6 N.M. Construction year Q2 2013 / Q1 2014 2011 / 2012 1999, converted in 2008 1986, converted in 2008 Current Status Both under construction at Kleven Maritime, Norway, by Sanco Shipping Polar Duke: Transit to Tanzania for 5,500 sq.km contract with Statoil Polar Duchess: Transit to South Africa for a 8,000 sq. km contract with Shell Currently working on a 3 month contract with ONGC offshore Colombia The Company is currently tendering for subsequent contracts Currently working on contract in the North Sea Acquisition and processing of 8,000-10,000 sq. km on the Norwegian Continental Shelf with the Norwegian Petroleum Directorate 9

Dolphin with leasing commitments of USD 251m as of Q2 2012 including the two undelivered Sanco vessels Minimum operational leasing obligations Q2 2012 (USDm) all vessels Year-end until 2017 (USDm) split between delivered vessels and Sanco vessels 300 300 250 251 39 250 245 200 150 100 50 0 179 34 Q2 2012 Falling due later than 5 years Falling due between 1 and 5 years Falling due within 1 year 200 150 100 50 0 194 144 136 130 86 107 53 101 80 24 64 53 29 24 6 2012 2013 2014 2015 2016 2017 Column1 Sanco Vessels Delivered vessels (excluding Sanco vessels) Figures on top of bar chart illustrates total minimum operational leasing obligations. Source: Dolphin Group 10

Multi-Client status Dolphin rapidly established in key 3D Multi-Client markets - 10,000 sq. km of 3D acquisition and 45,000 km of 2D successfully completed Continuing to build on 3D database focusing in UK 28th Round, Norway 23rd Round, Brazil, North-West Africa and West-Africa, and South America Target high pre-funding or partnership structure on all projects. Q2 pre-funding level of 81% 2D Multi-Client data, important for planning and growing 3D Multi-Client projects Dolphin 2D Multi-Client Dolphin 3D Multi-Client Target areas Consolidated Multi-Client sales in line with forecasts 11

Dolphin s Gulspurv 3D Multi-Client exceeding expectations Above 100% pre-funding secured First Multi-Client 3D project for Dolphin in Norway, 2,000 sq. km perfect location and timing Open areas 22nd licensing round Already lisenced Area prioritised with industry for 22nd licensing round Acquisition and processing designed to better image the structure and stratigraphy within the shallow geological section High resolution data should assist with geometry of Bjornoyrenna faulting complex and potential reservoirs and traps Skrugard Area of 3D survey coverage Norwegian Barents Sea Time-Slice from Fast-Track volume 12

Current Multi-Client library book value of USD 21m Quarterly Multi-Client library book value, cash investments and pre-funding sales (USDm) USDm 25 20 Library book value 21 Book value of Multi-Client library was USD 21m as of Q2 2012 15 10 5 0 13 9 6 3 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Dolphin guides at Multi-Client investments of USD 40-50 million in 2012 A total of USD 31m invested during 2011 and 2012 USDm 16 14 Cash investments and pre-funding 12 10 8 7 6 5 4 3 2 2 0 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Cash investments Multi-Client pre-funding 14 Multi-Client revenues for Q2 increased to USD 16m while Multi-Client cash investments totalled USD 14m The Company is experiencing increasing Multi-Client pre-funding; going from 37% of cash investments in 2011 to 78% YTD 2012 (as of Q2) 13

Dolphin s in-house processing capabilities provides clear benefits to the Company s Multi-Client ambitions Dolphin acquired processing company Open Geophysical in Q2 2012 On-board processing facilities on all vessels Dolphin has a modern processing centre in the UK and more than 30 persons working with processing By having in-house processing, Dolphin can develop and test new processing technologies, algorithms and sequences on MC datasets without divulging anything to competitors In-house processing also provides Dolphin with control over processing costs which is vital for MC budgeting Dolphin is already receiving tenders for processing projects not from vessel follow-on 14

Q2 Vessel schedule (for illustration purposes) 2012 2013 2D 2D Norwegian sea Schedule comments: Contract seismic Multi-Client Transit Idle Tendering Balanced MC/contract backlog with blue-chip clients Artemis Arctic (3D) backlog secured into early Q1 Artemis Atlantic (2D) awarded work covering first half of Q1 2013 Polar Explorer (2D) will be redelivered to owner as per time charter by end January Statoil likely to extend the West Africa contract for Polar Duke (3D) with up to one month Continued strong tender activity for Q1-Q2. Early tender activity for the coming North Sea season indicates a y- o-y demand increase 15

CGGVeritas acquisition of Fugro improving market balance Dolphin now set to be the fifth largest player Commentary On 24 CGGVeritas announced that it will acquire Fugro s Geoscience division for a consideration of EUR 1.2bn, exclusive of the Multi-Client library Market shares 2011 (# of practical streamers 3D fleet) Other 5% 3% 3% 9% 23% The acquisition is viewed as positive for the industry 13% 25% The three largest players will control over 70% of the global fleet in 2014 19% Market shares 2014E (# of practical streamers 3D fleet) Dolphin will take advantage of a more consolidated market to continue it s rapid growth Other 3% 7% 7% 11% 29% 19% 24% Source: SEB Enskilda Equity Research, various 1) Owned60% by Fugro and 40 % by CGGVeritas 2) 2014 market share based on CGGVeritas current fleet 16

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