DOF ASA

Delisting Announcement • Mar 24, 2023

DOF ASA: Restructuring completed

DOF ASA: Restructuring completed

Reference is made to the announcements made by DOF ASA (the "Company") and DOF

Subsea AS on 22 June 2022 and 21 October 2022 regarding the execution of an

agreement (the "Restructuring Agreement") with a substantial group of the DOF

group's financial creditors and certain other stakeholders on a comprehensive

financial restructuring (the "Restructuring"), and the announcements on 1 and 2

February 2023 regarding the bankruptcy proceedings in the Company opened by

Hordaland district court, and the agreement between financial creditors and the

bankruptcy estate, facilitating that the Company's subsidiaries will remain

unaffected by the bankruptcy.

The Restructuring was today completed in accordance with the Restructuring

Agreement and the financial creditors of the DOF group have thereby acquired

100% of the ownership in New DOF ASA (renamed from DOF Services AS and in the

process of being converted to a public limited liability company), which is the

new holding company in the DOF group. Following the completion of the

Restructuring, the Company has no longer any ownership to the companies within

the DOF group.

For further information, please contact:

CEO Mons Aase, tel. +47 91 66 10 12

CFO DOF ASA Hilde Drønen, tel. +47 91 66 10 09

This information is subject to the disclosure requirements pursuant to Section 5

-12 of the Norwegian Securities Trading Act.

With a multi-national workforce of about 3,800 personnel, DOF ASA is an

international group of companies which owns and operates a fleet of modern

offshore/subsea vessels, and engineering capacity to service both the offshore

and subsea market. With over 40 years in the offshore business, the group has a

strong position in terms of experience, innovation, product range, technology

and capacity. DOF's core businesses are vessel ownership, vessel management,

project management, engineering, vessel operations, survey, remote intervention

and diving operations primarily for the oil and gas sector. From PSV charter to

Subsea engineering, DOF offers a full spectrum of top quality offshore services

to facilitate an ever-growing and demanding industry.

The company's main operation centers and business units are located in Norway,

the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia.

DOF ASA is listed on the Oslo Exchange since 1997.