DOF ASA

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER 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 29 April 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 22

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

currently in place to 30 September 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

restructuring agreement between, among others, DOF ASA, DOF Subsea AS, Iceman

AS, and the secured lenders to the DOF group and the members of the Ad-Hoc Group

(the "Restructuring Agreement"), which sets out the terms and conditions of the

planned restructuring of DOF Group's outstanding debt (the "Restructuring").

The completion of the Restructuring is dependent on the bondholders agreeing to

further extend the standstill arrangement insofar as required to implement the

Restructuring pursuant to the terms of the Restructuring Agreement. 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 October 2022 and with a possibility to extend the standstill

period on one or more occasions to 30 November 2022 with the approval of the Ad

-Hoc Group. 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 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.

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