DOF ASA AND DOF SUBSEA AS: EXTENSION OF STANDSTILL AGREEMENTS WITH SECURED LENDERS AND RESULT FROM BONDHOLDERS' MEETINGS

Reference is made to previous announcements regarding the extension of standstill arrangements with the DOF group's secured lenders expiring 30 September 2021 and extension of standstill arrangements with bondholders in DOF Subsea AS' bond issues also expiring 30 September 2021.

DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have agreed to extend the principal and interest suspension agreements with, or received extensions of similar concessions from, secured lenders representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and in total 95% of the secured debt of companies within the DOF Subsea AS group excluding DOF Subsea Brasil Servicos Ltda. until 31 October 2021.

Reference is further made to the previous announcement on 16 September 2021 regarding summons to bondholders' meetings in DOFSUB07 (ISIN NO0010971005), DOFSUB08 (ISIN NO0010788177) and DOFSUB09 (ISIN NO0010836810) in which DOF Subsea AS requested an extension of the standstill period for the three bonds initially until 31 October 2021 and with the possibility to extend to 28 February 2022 with the approval of an ad-hoc committee of bondholders.

DOF Subsea AS is pleased to announce that the bondholders' meetings were held today and the proposed resolution received 99.66%, 93.90% and 100.00% of the votes in DOFSUB07, DOFSUB08, and DOFSUB09, respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds, and the proposal was consequently approved. Please see the attached minutes from the bondholders' meetings.

The extensions of the standstill periods will facilitate the DOF group's continued dialogue with its secured lenders and the bondholders under the DOF group's bonds regarding a long-term financial restructuring of the DOF group.

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
CFO DOF Subsea AS Martin Lundberg, tel. +47 91 62 10 57

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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