DOF ASA

DOF ASA - Refinancing update

DOF Subsea AS: NOTICE FROM BONDHOLDERS' MEETING AND SUMMONS TO NEW BONDHOLDERS'

MEETING

Reference is made to the summons to a bondholders' meeting in DOFSUB07 (ISIN

NO 001 0670144) issued by DOF Subsea AS (the "Company"), as amended by the

addendum dated 22 October 2019. The bondholders' meeting was held today and the

proposed resolution was approved by 97.49% of the votes in cast at the

bondholders' meeting. The bond agreement for DOFSUB07 will therefore be changed

as set out in the summons. The minutes from the bondholders' meeting is

attached.

In accordance with the resolution passed at the bondholders' meeting, the

Company has requested Nordic Trustee AS to issue a summons for a new

bondholders' meeting to be held to approve a framework for the sharing of

information and the appointment of professional advisers to the bondholders in

DOFSUB07. The summons to the new bondholders' meeting, to be held on 6 November

2019 at 13:00 (Oslo time), is attached.

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 3,500 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 35 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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