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 June 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 August 2021, with a possibility to further extend the standstill arrangement currently in place to 30 September 2021 with the approval of the ad-hoc committee of bondholders.

Reference is further made to the announcement on 31 August 2021 regarding the ad-hoc committee's approval of extension of the standstill arrangement with the bondholders described above to 30 September 2021.

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 June 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 October 2021 and with a possibility to extend the standstill period on one or more occasions to 28 February 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.

>>> Summons (PDF)

For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO 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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