DOF ASA AND DOF SUBSEA AS: FURTHER EXTENSION OF STANDSTILL PERIOD

30 Nov 2022 22:45 CET

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 7 November 2022 (together
the "Bond Loans"), 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 30 November 2022, with a possibility to further extend
the standstill arrangement with the approval of the ad-hoc group of bondholders
(the "Ad-Hoc Group").

In order to facilitate the implementation of the Restructuring through
reconstruction proceedings, bankruptcy or otherwise, DOF is pleased to announce
that the senior creditors and bondholders that are parties to the Restructuring
Agreement have agreed to extend the Long Stop Date in the Restructuring
Agreement to 31 March 2023, and that the ad-hoc group of bondholders in DOF
Subsea AS' 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) has extended the standstill arrangements
with the bondholders to 31 March 2023 in accordance with the authority granted
in the bondholders' meetings held on 7 November 2022.

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.

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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