DOF ASA

Capital/Financing Update • Jan 29, 2021

DOF ASA AND DOF SUBSEA AS: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS

DOF ASA AND DOF SUBSEA AS: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS

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

have agreed to extend the principal and interest suspension agreements with, or

received extension of similar concessions from, secured lenders representing in

total 91% of the secured debt of DOF ASA and its subsidiaries (other than the

DOF Subsea AS group) and in total 88% of the secured debt of companies within

the DOF Subsea AS group.

Pursuant to said agreements, payments of principal and interest to the secured

lenders, except for servicing of the NOK 100 million credit facility provided to

DOF Subsea AS by certain of its lenders on 27 March 2020 to cover its immediate

liquidity needs (the "MNOK 100 Credit Facility"), are suspended until 30 April

2021 on certain customary terms and conditions. Such terms and conditions

include customary restrictions on the DOF group (the "Group") in the relevant

period and customary termination rights for the secured lenders.

The MNOK 100 Credit Facility referred to above has also been extended.

The stand-still from BNDES to Norskan Offshore Ltda. has been extended to and

including 10 May 2021, except in respect of certain loan facilities which are

not eligible for further stand-still periods as the maximum stand-still periods

under applicable regulations have been exhausted. The other secured lenders have

accepted that Norskan Offshore Ltda. services interest and amortisations under

these facilities.

The extensions of the stand-still periods are entered into to facilitate the

Group's continued dialogue with its secured lenders and the bondholders under

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

Group. The discussions with the Group's main creditors remain constructive, and

the Group expects that further progress towards a consensual solution will be

made over the coming months.

The suspension agreements comprise all companies within the Group, except for

DOF Subsea Brasil Servicos Ltda. As regards the secured lenders (other than the

secured lenders of DOF Subsea Brasil Servicos Ltda.) who have not entered into

the suspension agreements or provided a similar concession, DOF ASA and DOF

Subsea AS will continue to impose an unilateral stand still on the payment of

principal and interest to such secured lenders for as long as the suspension

agreements remain in force. Such unilateral stand still is required to comply

with the terms of the suspension agreements.

For further information, please contact:

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

Hilde Drønen, CFO DOF ASA. 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.