DOF ASA

Regulatory Filings • Feb 11, 2022

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD

Reference is made to the resolutions adopted in the bondholders' meetings in DOF

Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue

2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF

Subsea AS Senior Unsecured Bond Issue 2018/2023) on 30 September 2021, whereby

the bondholders on certain conditions approved to extend their waiver from, and

suspension of, all payment obligations under each of the bond loans until 31

October 2021, with a possibility to further extend the standstill arrangement

currently in place to 28 February 2022 with the approval of the ad-hoc committee

of bondholders.

Reference is further made to the announcements on 29 October 2021, 30 November

2021 and 31 January 2022 regarding the ad-hoc committee's approval of extension

of the standstill arrangement with the bondholders described above to 28

February 2022.

Discussions and negotiations on the restructuring of the DOF group (the "Group")

are progressing, and the Group, its secured lenders and the advisers to the

bondholders have since the bondholders' meetings in September 2021 continued

negotiations on an overall financial restructuring of the Group. Further

progress has been made in such negotiations, but there are still certain issues

that remain to be resolved to achieve an overall consensual restructuring of the

Group.

DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders'

meetings in the three bond loans to consider the extension of the standstill

period initially until 31 March 2022 and with a possibility to extend the

standstill period on one or more occasions to 30 April 2022 with the approval of

an ad-hoc committee of bondholders. The proposal is further described in the

attached summons to the bondholders in the three bond loans. A request has also

been made to the Group's secured lenders to extend the suspension of payments of

principal and interest that have been granted by a majority of its secured

lenders.

For further information, please contact:

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

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

With a multi-national workforce of about 3,800 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 40 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.