Notice from bondholder meeting

Reference is made to the summons letter dated 25 June 2019 regarding the Company's three senior unsecured bond issues with ISIN NO 001 0670144 ("DOFSUB07"), ISIN NO 001 0788177 ("DOFSUB08"), and ISIN NO 001 0836810 ("DOFSUB09") issued by DOF Subsea AS, regarding a request for minimum cash covenants under applicable loans to be measured using the proportional consolidation method ("management accounts"), in an effort to align the covenants with those in the group's bank loans. The bondholders' meeting was held today and the proposed resolution received 70.43%, 70.37%, and 90.68% 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. All three bond agreements will therefore be changed as set out in the summons. Please see attached minutes from bondholders' meeting.
Following the bondholder's approval of the Company's request for alignment of the cash covenants, the Company intends to facilitate that limitations on dividend and distributions from the Company under applicable loan agreements is extended.
For further information, please contact:
Mons S. Aase, CEO, DOF Subsea. Tel: +47 91 66 10 12
Jan Nore, CFO, DOF Subsea. Tel: +47 48 09 46 99
Marianne Møgster, SVP Finance, DOF Subsea. Tel: +47 99 30 69 16

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