In response to recent queries from shareholders regarding whether the financial restructuring that DOF ASA ('DOF' or the 'Company', and together with its subsidiaries the 'DOF Group') is seeking to agree with the creditors of the DOF Group will be required in light of recent market developments, the Company would like to reiterate that a financial restructuring of the DOF Group's capital structure will be required due to the significant debt level of the DOF Group.

As previously communicated by the Company, a robust long-term financing solution is required for the DOF Group to maintain its status as a going concern. Such solution is still expected to require conversion of substantial amounts of debt to equity, which will significantly dilute the current holders of the equity. The current proposal being discussed with the secured creditors and bondholders of the DOF Group does not contemplate any unequal treatment of the shareholders of the Company.

As previously informed, the dialogue with the lenders is complex, but constructive. A refinancing solution is not yet in place, and no assurance can at this stage be given that the Company will be able to find a solution with its creditors. If such solution is agreed, the shareholders are urged to consider the proposal when presented by the Company.

Contact:

Mons Aase

Tel: +47 91 66 10 12

The DOF Group

We are a global team of skilled professionals who, combined with a fleet of state-of-the-art, purpose-built vessels, provide services to the Oil and Gas industry across the entire offshore life cycle. This is the formula for our success in delivering solutions to our customers.

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