DOF ASA

DOF ASA - FINANCIAL RESTRUCTURING

In response to recent queries from shareholders regarding whether the financial

restructuring that DOF ASA ("DOF" or the "Company", and together with its

subsidiaries the "DOF Group") is seeking to agree with the creditors of the DOF

Group will be required in light of recent market developments, the Company would

like to reiterate that a financial restructuring of the DOF Group's capital

structure will be required due to the significant debt level of the DOF Group.

As previously communicated by the Company, a robust long-term financing solution

is required for the DOF Group to maintain its status as a going concern. Such

solution is still expected to require conversion of substantial amounts of debt

to equity, which will significantly dilute the current holders of the equity.

The current proposal being discussed with the secured creditors and bondholders

of the DOF Group does not contemplate any unequal treatment of the shareholders

of the Company.

As previously informed, the dialogue with the lenders is complex, but

constructive. A refinancing solution is not yet in place, and no assurance can

at this stage be given that the Company will be able to find a solution with its

creditors. If such solution is agreed, the shareholders are urged to consider

the proposal when presented by the Company.

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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