DOF ASA

Capital/Financing Update • Oct 24, 2022

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS

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 2022, 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

October 2022, with a possibility to further extend the standstill arrangement

currently in place to 30 November 2022 with the approval of the ad-hoc group of

bondholders (the "Ad-Hoc Group").

Reference is further made to the announcements on 22 June 2022 regarding the

execution of an agreement (the "Restructuring Agreement") with a substantial

group of creditors and certain other stakeholders on a comprehensive financial

restructuring (the "Restructuring") and the announcements made on 21 October

2022 regarding the Extraordinary General Meeting to be held on 11 November 2022

relating to the Restructuring and the extension of the standstill arrangements

to 30 November 2022 in accordance with the authority granted to the Ad-Hoc

Group.

The completion of the Restructuring is dependent on the bondholders approval of

the Restructuring pursuant to the terms of the Restructuring Agreement. Further,

in the event the Extraordinary General Meeting on 11 November 2022 does not

approve resolutions required to implement the Restructuring, completion of the

Restructuring is dependent on the bondholders approval to implement the

Restructuring through certain alternative implementation steps. DOF Subsea AS

has therefore requested Nordic Trustee AS to summon bondholders' meetings in the

three bond loans to consider the approval of the Restructuring by a consensual

implementation or through alternative implementation steps. The proposal is

further described in the attached summons to the bondholders in the three bond

loans.

CEO Mons Aase, tel. +47 91 66 10 12

CFO Hilde Drønen, tel. +47 91 66 10 09

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

With a multi-national workforce of about 3,800 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 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.