Results from the bondholders' meetings in the DOF Subsea AS bond issues

23 Feb 2023 14:13 CET

Reference is made to the summons to the bondholders' meetings in each of the
DOFSUB07, DOFSUB08 and DOFSUB09 bond issues (each a "Bond Issue" and
collectively the "Bond Issues") dated 8 February 2023 (the "Summons"), and the
previous announcements related to the implementation of the restructuring of the
DOF ASA group (the "Restructuring") following the commencement of bankruptcy
proceedings in DOF ASA.

We are pleased to announce that the bondholders in each of the Bond Issues have
voted in support of the proposed changes to the Restructuring and the
alternative implementation steps described in the Summons. The notice from the
bondholders' meetings issued by Nordic Trustee AS today is attached hereto.

In preparation for and as part of the Restructuring the Issuer has delivered all
its Issuer's Bonds to the paying agent, with instructions that the Issuer's
Bonds be cancelled effective today, 23 February 2023.

Furthermore, in order to facilitate the practical implementation of the
Restructuring in the CSD, Nordic Trustee AS has instructed the paying agent to
split the nominal amount of bonds in the DOFSUB08 Bond Issue from USD 100,000 to
USD 1 and the nominal amount of bonds in the DOFSUB09 Bond Issue from NOK
500,000 to NOK 1.

Updated information on the practical implementation of the Restructuring will be
announced on a regular basis until completion of the Restructuring has occurred.

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

More information:
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583414_DOFSUB (Multiple ISINS) - Notice from Bondholders' Meetings 23 February 2023(100221140.1).pdf