DOF ASA — M&A Activity 2015

Feb 17, 2015

SALE OF 5 SHIPS IN BRAZIL

SALE OF 5 SHIPS IN BRAZIL

DOF's subsidiary Norskan Offshore in Rio de Janeiro, Brazil, has entered into an

agreement for sale of 5 ships operating in Brazil. The ships included in the

agreement are «Skandi Copacabana», UT 722 L, built 2005, «Skandi Leblon», UT 755

L, built  2004, «Skandi Flamengo», UT 755 L, built  2003, «Skandi Yare», UT 755,

built 2001 and «Skandi Stolmen», UT 755, built 1997.

The buyers are companies owned by a Brazilian Private Equity Fund managed by

Mantiq Investimentos and Mare Investimentos, based in Sao Paulo and Rio de

Janeiro, Brazil. Norskan Offshore Ltda. will for now and latest until the

current charter contracts are terminated, be responsible for the operation of

the ships. Two of the vessels, Skandi Leblon and Skandi Flamengo have firm

contracts up for renewal in 2015. DOF has still a market risk related to renewal

of these two charter contracts.

The sale will release approx. NOK 500 million of free liquidity to the

shipowning companies on redemption of loans. Delivery of the ships is planned to

take place in the period ultimo February to April.

CEO Mons S. Aase states: "We are very pleased to have entered into this

agreement, and shall be looking forward to cooperating with the new owners. The

sale is adapted to DOF's long term strategy to prioritize ownership and

operations of more advanced ships in Brazilian waters."

Contact persons:

CEO Mons S. Aase, tel. +47 91661012

CFO Hilde Drønen, tel. +47 91661009.

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.