DOF ASA — Earnings Release 2017

Jun 2, 2017

DOF Subsea NorthAmerica extends charter for JonesAct Compliant vessel Harvey Deep Sea

DOF Subsea North America is pleased to announce the extension of the charter of the MPSV, Jones Act Compliant vessel, Harvey Deep Sea until the end of 2018, plus two one year options.

The Harvey Deep Sea Vessel is a Multi-Purpose DPII Construction, Supply, ROV Vessel with 71 accommodation and 165 ton AHC crane capable of reaching 3 000-meter water depth complete with integrated DOF Subsea' Work-class ROVs and Survey spread. The vessel commenced operation in August 2013, supporting most of the key operators in the GoM in their IMR and Subsea Construction endeavors. The project track record and safety performance achieved by the entire crew, makes Harvey Deep Sea one of the most requested Jones Act vessels in the GoM.

The new agreement will allow DOF Subsea to continue to support the GoM Subsea IMR and Construction market with the flexibility and competitiveness required by the current market conditions. The region has been awarded projects with key clients in the GoM, providing backlog of NOK 150 million and utilisation above 70% for the vessel through Q1 2018.

Mons S. Aase, DOF Subsea's Chief Executive Officer, added: "The first quarter of 2017 in the North America region has been challenging, with low utilisation of Harvey Deep Sea and significant financial losses. I am happy that we now have a solid backlog for the vessel, and that the extended charter rate is in line with the challenging market conditions. We expect a significant improvement in the financial performance of the North America region going forward."

For further information, please contact:

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

Hilde Drønen, CFO, Tel: + 47 91 66 10 09

With a multi-national workforce of about 4,000 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, Egypt, Angola, and Australia.

DOF ASA is listed on the Oslo Exchange since 1997.