DOF ASA

DOF ASA: AKASTOR ASA TO ASSUME FULL OWNERSHIP OF A RESTRUCTURED DOF DEEPWATER AS

DOF Deepwater AS ("DOF Deepwater"), which is jointly owned by DOF ASA ("DOF")

and Akastor ASA ("Akastor"), has today entered into a term sheet with its

lenders on a restructuring of its debt that is intended to secure continued

operations up to the second half of 2023. The closing of the debt restructuring

is conditional upon necessary support from DOF's secured lenders. As part of

this agreement DOF shall transfer all of its shares in DOF Deepwater to Akastor,

who thereby will own all of the shares in DOF Deepwater and assume full

operational responsibility over the company and its five vessels (Skandi

Emerald, Skandi Peregrino, Skandi Saigon, Skandi Pacific and Skandi Atlantic).

DOF will continue as vessel manager for the fleet. As a consequence of the

change in ownership DOF and Akastor will however discuss the terms in the

management agreements. For further details on the restructuring, reference is

made to the Akastor ASA stock exchange notice concerning the same.

The terms and conditions of the DOF ASA unsecured guarantee obligation equal to

50% of the current debt in DOF Deepwater will be separately agreed between the

DOF ASA group (the "Group") and its secured lenders. The DOF guarantee

obligation will also be reduced by any profit received by the lenders to DOF

Deepwater under a profit split arrangement following a sale of the DOF Deepwater

vessels within a period of 2,5 - 3 years after closing.

Closing is subject to final agreements being entered into, and is expected to

take place in Q3 2020.

For further information, please contact:

CEO Mons Aase, tel. +47 91 66 10 12

CFO DOF Hilde Drønen tel. +47 91 66 10 09

With a multi-national workforce of about 3,500 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, Canada, Angola, and Australia.

DOF ASA is listed on the Oslo Exchange since 1997.

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