DOFSUB: Information to the bondholders

20 Mar 2023 08:36 CET

Reference is made to 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, and the changes to the
NO0010971005 (DOFSUB07), NO0010788177 (DOFSUB08) and NO0010836810 (DOFSUB09)
bond issues (each a "Bond Issue" and collectively the "Bond Issues") approved by
a majority of the bondholders in each of the Bond Issues in the Bondholders'
meetings held on 7 November 2022 and 23 February 2023 respectively.

Attached is a step plan and an indicative timeline prepared by Nordic Trustee AS
setting out the relevant conversion steps in the CSD to facilitate the exchange
of bonds issued in the existing Bond Issues into new bonds issued by the Issuer
and shares in DOF Services AS, as contemplated by the Restructuring.

All trading in the bonds (all ISINs related to the existing Bond Issues) will be
blocked from end of business on 22 March 2023 and until all existing bonds in
the Bond Issues have been exchanged for new bonds issued by the Issuer and
shares in DOF Services AS.

To allow sufficient time for trades to settle before the bonds are blocked, the
last day of ordinary trading in the bonds will be 20 March 2023. Trades
completed after this date may not be possible to settle.

For further information, please contact:
CEO Mons Aase, tel. +47 91 66 10 12
CFO Hilde Drønen, tel. +47 91 66 10 09
CFO DOF Subsea AS 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:
Access the news on Oslo Bors NewsWeb site

585646_Info to Bondholders re exchange of Bonds - dated 20 March 2023.PDF