DOF ASA

Capital/Financing Update • Jun 16, 2021

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO EXTEND STANDSTILL PERIOD

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO EXTEND STANDSTILL PERIOD

Reference is made to the resolutions adopted in the bondholders' meetings in DOF

Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue

2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF

Subsea AS Senior Unsecured Bond Issue 2018/2023) on 1 February 2021, whereby the

bondholders on certain conditions approved to extend their waiver from, and

suspension of, all payment obligations under each of the bond loans until 31

March 2021, with a possibility to further extend the standstill arrangement

currently in place to 30 June 2021 with the approval of the ad-hoc committee of

bondholders.

Reference is further made to previous announcements on 28 March 2021, 30 April

2021 and 31 May 2021, respectively, regarding the ad-hoc committee's approval of

further extensions of the standstill arrangement with the bondholders described

above, ultimately expiring on 30 June 2021.

Discussions and negotiations with the DOF group's secured lenders and advisers

to the bondholders, respectively, regarding an overall financial restructuring

of the group are still ongoing. However, further discussions and negotiations

will be required to determine whether an agreement for an overall restructuring

of the DOF group can be found.

DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders'

meetings in the three bond loans to consider the extension of the standstill

period initially until 31 August 2021 and with a possibility to extend to 30

September 2021 with the approval of an ad-hoc committee of bondholders. The

proposal is further described in the attached summons to the bondholders in the

three bond loans. A request has also been made to the DOF group's secured

lenders to extend the suspension of payments of principal and interest that have

been granted by a majority of its secured lenders.

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 3,150 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.