DOF ASA

Share Issue/Capital Change • Dec 20, 2019

DOF ASA - New share capital

DOF ASA - New share capital

Reference is made to previous stock exchange announcements regarding the

subordinated convertible bond loan issued by DOF ASA ("DOF" or the "Company") on

5 August 2016 (the "Subordinated Convertible Bond").

Bondholders in the Subordinated Convertible Bond have in accordance with the

terms and conditions of the Subordinated Convertible Bond requested to convert

bonds with an aggregate nominal value of NOK 68,750,000 to new shares in the

Company.

As a result, the share capital of the Company has today, 20 December 2019, been

increased with NOK 6,875,000 by issuance of 6,875,000 new shares, each with a

nominal value of NOK 1, at the conversion price of NOK 10.00 per share.

Following the share capital increase, the Company's share capital is NOK

307,762,779, divided into 307,762,779 shares, each with a nominal value of NOK

The new shares will be registered on the respective bondholders' VPS accounts

and be tradable on the Oslo Stock Exchange from and including 23 December 2019.

Following the conversion, the new outstanding amount under the Subordinated

Convertible Bond is NOK 86,933,885.

For further information, please contact:

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

CFO 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.