DOF ASA

DOF ASA: STANDSTILL AGREEMENT WITH THE INTERNATIONAL SECURED LENDERS OF NORSKAN

Further to the stock exchange announcement from DOF ASA and DOF Subsea AS on 15

May 2020, DOF ASA ("DOF") is pleased to announce that Norskan Offshore Ltda.

("Norskan") now also has entered into a suspension agreement ("stand-still

agreement") with its international secured lenders. Pursuant to said agreement,

payments of principal and interest to the secured lenders are suspended until 30

June 2020 on certain customary terms and conditions. Such terms and conditions

include customary restrictions on Norskan in the relevant period.

The agreement is part of the efforts of the DOF Group to facilitate the

continued dialogue with the secured lenders and bondholders under the DOF

Group's bond loans regarding a long-term financial restructuring of the Group.

Norskan will continue its constructive dialogue with BNDES regarding suspension

of interest payments and instalments to BNDES.

For further information, please contact:

Mons S. Aase, CEO, Tel: +47 91 66 10 12

Hilde Drønen, CFO, 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.

AI Terminal