RESULT FROM BONDHOLDERS' MEETINGS IN DOF SUBSEA AS – APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS

07 Nov 2022 13:35 CET

Reference is made to the previous announcement on 24 October 2022 regarding
summons to bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF
Subsea AS Senior Unsecured Bond Issue 2013/2020 (DOFSUB07, ISIN NO0010971005),
DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 (DOFSUB08, ISIN
NO0010788177) and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023
(DOFSUB09, ISIN NO0010836810)) in which DOF Subsea AS requested the bondholders'
approval of the contemplated restructuring of the DOF group by a consensual
implementation, or, in the event that the Extraordinary General Meeting in DOF
ASA on 11 November 2022 does not approve a consensual restructuring, to complete
the restructuring through alternative implementation steps.

DOF Subsea AS is pleased to announce that the bondholders' meetings were held
today and the proposed resolution received 99.78%, 98.43% and 96.70% 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.

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.

About DOF Subsea:

The DOF Subsea Group is a specialist subsea service business that provides
subsea construction, subsea engineering, inspection, repair and maintenance and
survey services, which involve complex and challenging engineering in an
international environment.

DOF Subsea owns a large fleet of modern subsea construction, intervention and
survey vessels that enable it to offer differentiated positions with its clients
and work in long term relationships, which enhance service delivery and reduce
the overall risk.

The company’s core business is project management, engineering, vessel
operations, survey, remote intervention and diving operations, primarily for the
Offshore Energy, Marine Telecommunications and Renewables markets.

www.dofsubsea.com

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574911_DOFSUB - Notice from Bondholders Meetings - 07112022.pdf