DOF ASA — M&A Activity 2015

Jun 1, 2015

DOF Subsea - sale of vessel and renegotiation of contract

DOF Subsea - sale of vessel and renegotiation of contract

The subsidiary DOF Subsea Group has entered into an agreement with Technip for

the sale of DOF Subsea's ownership in the joint venture vessel Skandi Arctic,

with immediate effect. The transaction is done at market terms and will improve

the cash position for the Group.

The charter contract for the vessel Skandi Achiever has been extended by 7

months with Technip and the vessel is now firm until February 2016.

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 in excess of 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.