DOF ASA - M&A Activity 2015 | FinancialReports.eu

Sale of Skandi Protector

DOF Subsea has entered into agreement for the sale of Skandi Protector to the

Commonwealth of Australia. Delivery to new owners is expected in Q1 2016 and the

sale will release approx. NOK 300 million in liquidity after repayment of debt.

Skandi Protector, of Aker ROV 06 design, was built in 2007 and served under

contract with the Australian authorities from 2010 to end of 2014. In 2015, the

vessel has been operated as a subsea project vessel for the Asia Pacific region.

Mons S. Aase, CEO, stated "DOF has for many years appreciated its very good

working relationship with the Australian authorities, and this is the second

vessel which has been sold to the Commonwealth of Australia. After delivery of

Skandi Protector to the new owners, DOF Subsea will allocate another subsea

project vessel to the Asia Pacific region in order to operate under existing and

new contracts."

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 almost 5,000 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 30 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, Argentine, Egypt, Angola, and Australia.

DOF ASA is listed on the Oslo Exchange since 1997.

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