DOF ASA

M&A Activity • May 18, 2020

DOF ASA: NOTICE FROM PERESTROIKA AS REGARDING DEMERGER OF MØGSTER MOHN OFFSHORE AS

DOF ASA: NOTICE FROM PERESTROIKA AS REGARDING DEMERGER OF MØGSTER MOHN OFFSHORE AS

Laco AS has received a notice from Perestroika AS, whereby Perestroika AS

pursuant to the shareholders agreement for Møgster Mohn Offshore AS ("MMO") has

exercised its right to require that MMO is demerged.

Pursuant to the shareholders agreement, the assets, rights and liabilities of

MMO, including the shares in DOF ASA, shall be divided between the shareholders

of MMO. Such distribution shall be made in accordance with the parties' relative

shareholdings in MMO, provided however, that Laco AS has a right to acquire a

portion of the DOF shares to be distributed to Perestroika AS which is required

for Laco AS to retain an ownership of 40.45% of the shares and votes in DOF ASA.

Such right must be exercised by Laco AS no later than 16 June 2020 and the price

per share to be paid by Laco AS shall be equal to the closing price on 15 May

2020 (i.e. NOK 0.59 per share).

Laco AS has not yet decided whether to exercise such option or not and it is

thus not yet determined what the parties' ownership in DOF ASA will be following

the demerger. Laco AS will send a new announcement when this has been

determined.

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.