Reference is made to our previous announcement on 30 November 2021 regarding the
extension of standstill arrangements with the group's secured lenders expiring
31 January 2022 and extension of standstill arrangements with bondholders in DOF
Subsea AS' bond issues also expiring 31 January 2022.

DOF ASA and DOF Subsea AS are pleased to announce that each of the companies
have agreed to further extend the principal and interest suspension agreements
with, or received extensions of similar concessions from, secured lenders
representing in total 91% of the secured debt of DOF ASA and DOF Rederi AS and
in total 95% of the secured debt of companies within the DOF Subsea AS group
(excluding DOF Subsea Brasil Servicos Ltda.) until 28 February 2022, and that
DOF Subsea AS has received confirmation from the ad hoc group of bondholders
that they have agreed to further extend the suspension, deferral and standstill
agreement currently in place for the bond issues to 28 February 2022 in
accordance with the resolutions of the bondholders' meeting held 30 September
2021.

The extensions of the standstill periods will facilitate the DOF group's
continued dialogue with its secured lenders and the bondholders under the DOF
group's bonds regarding a long-term financial restructuring of the DOF group.

For further information, please contact:

CEO Mons Aase, tel. +47 91 66 10 12
CFO DOF ASA 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.

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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