DOF ASA

DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS

Reference is made to previous announcements regarding the extension of

standstill arrangements with the DOF group's secured lenders expiring 15 June

2022 and extension of standstill arrangements with bondholders in DOF Subsea AS'

bond issues also expiring 15 June 2022.

DOF ASA and DOF Subsea AS are pleased to announce that each of the companies

have agreed to further extend the principal and interest suspension agreements

with, or received extensions of similar concessions from, secured lenders

representing in total all of the secured debt of DOF ASA and DOF Rederi AS and

in total 95% of the secured debt of companies within the DOF Subsea AS group

(excluding DOF Subsea Brasil Servicos Ltda.) until 22 June 2022, and that DOF

Subsea AS has received confirmation from the ad hoc group of bondholders that

they have agreed to further extend the suspension, deferral and standstill

agreement currently in place for the bond issues to 22 June 2022 in accordance

with the resolutions of the bondholders' meeting held 29 April 2022.

The extensions of the standstill periods will facilitate the DOF group's

continued dialogue with its secured lenders and the bondholders under the DOF

group's bonds regarding a long-term financial restructuring of the DOF group.

For further information, please contact:

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

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

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 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.

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