Reference is made to previous announcements on 21 January 2021, 28 March 2021
and 30 April 2021, respectively, regarding extension of standstill arrangement
with secured lenders expiring 31 May 2021 and extension of standstill
arrangement with bondholders in DOF Subsea AS' bond issues also expiring 31 May
2021.

DOF ASA and DOF Subsea AS are now pleased to announce that each of the companies
have agreed to further extend the principal and interest suspension agreements
with, or received extension of similar concessions from, secured lenders
representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS, and
in total 88% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 30 June 2021. DOF Subsea AS
has also received confirmation from the ad hoc group of bondholders that they
have agreed to further extend the suspension, deferral and standstill
arrangement currently in place for the bond issues until 30 June 2021.

The current stand-still arrangement with BNDES to Norskan Offshore Ltda. and DOF
Subsea Brasil Servicos Ltda. will expire on 10 June 2021, and further extensions
have been sought from BNDES. In the event that such further stand-still is not
obtained from BNDES, the continuation of the extended stand-still with the other
secured lenders will require acceptance from the secured lenders to servicing of
certain debt to BNDES.

The extensions of the stand-still periods are entered into to facilitate the
Group's continued dialogue with its secured lenders and the bondholders under
the Group's bond loans regarding a long-term financial restructuring of the
Group. 



For further information, please contact:

CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF Hilde Drønen, tel. +47 91 66 10 09
CFO DOF Subsea Martin Lundberg, tel. +47 91 62 10 57

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
Oil and Gas, Marine Telecommunications and Renewables markets.
www.dofsubsea.com

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