DOF ASA

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 30 September 2020, 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

January 2021.

Discussions and negotiations on the restructuring of the DOF group are

continuing with the group's secured lenders and advisers to the bondholders,

respectively, and exploring the basis on which agreement on an overall financial

restructuring of the group might be found. While progress has been made, further

discussions and negotiations will be required to determine whether an agreement

for the restructuring of the 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 March 2021 and with a possibility to extend to 30 June

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 DOF 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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