Dolphin Drilling – Supreme Court Decision
(Oslo, 24 June, 2025 Dolphin Drilling AS (Dolphin Drilling, OSE: DDRIL) today announces the judgment handed down by the UK Supreme Court regarding the legacy tax case. The judgement has now been delivered and rules in favour of HMRC. The value of the tax claim is £9.9million plus interest and costs, estimated to total approximately £16million. Dolphin intends to have discussions with HMRC as to the final liability amount and manner of settlement (which will be the subject of a future disclosure).
Reference is made to the Dolphin Drilling Q1 earnings release report from the 28th of May, specifically the contingent liability noted in the ongoing legal process vs HMRC in the UK. Following two successful appeals defending the company's position in the First-tier Tax Tribunal in November 2020, and against HMRC's appeal to the Upper Tribunal in August 2022, the judgement handed down today by the Supreme Court has no mechanism for appeal and is final.
For further information, please contact:
Ingolf Gillesdal, CFO, email: [email protected], tel: +47 920 45 320