Delivering trust & confidence.

Reference is made to Refinancing Update dated 16 October 2019. DOF Subsea has today been notified that Nordic Trustee, on behalf of a group of bondholders in the DOFSUB07 bond loan, will send out an addendum to the summons to Bondholders' Meeting dated 8 October, 2019, and a summons for another Bondholders' meeting to be held on 6 November 2019, both documents herewith enclosed. For further information, please contact: Mons S. Aase, CEO, Tel.: +47 91 66 10 12 Hilde Drønen, CFO, Tel.: +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

DOF Subsea AS: NOTICE FROM BONDHOLDERS' MEETING AND SUMMONS TO NEW BONDHOLDERS' MEETING Reference is made to the summons to a bondholders' meeting in DOFSUB07 (ISIN NO 001 0670144) issued by DOF Subsea AS (the "Company"), as amended by the addendum dated 22 October 2019. The bondholders' meeting was held today and the proposed resolution was approved by 97.49% of the votes in cast at the bondholders' meeting. The bond agreement for DOFSUB07 will therefore be changed as set out in the summons. The minutes from the bondholders' meeting is attached. In accordance with the resolution passed at the bondholders' meeting, the Company has requested Nordic Trustee AS to issue a summons for a new bondholders' meeting to be held to approve a framework for the sharing of information and the appointment of professional advisers to the bondholders in DOFSUB07. The summons to the new bondholders' meeting, to be held on 6 November 2019 at 13:00 (Oslo time), is attached. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

DOF Subsea has secured 2 contracts totaling more than 160 vessel days for Skandi Seven and Skandi Skansen in Africa. Skandi Seven has commenced operations for a repeat international energy company in Angola, delivering integrated FSV services, project management & engineering. DOF Subsea will during this contract deliver onshore and offshore work scopes within deep-water field development and maintenance duties towards existing subsea infrastructure. Skandi Skansen shall shortly commence mobilization in the North Sea to deliver a mooring refurbishment and installation project for a key Client in Ghana. In water depths up to 1000 meters, Skandi Skansen shall execute a variety of mooring activities. The CEO, Mons Aase, states that he is very pleased with the contract awards, increasing the Company's footprint in strategical important areas in the winter season. For further information, please contact: Mons S. Aase, CEO Tel: +47 91 66 10 12 Hilde Drønen, CFO Tel +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Extraordinary general meeting in DOF ASA was held today, 30 October 2019. All items were resolved in accordance with the Boards calling notice and the Nomination committee's recommendation. Please find attached minutes from the extraordinary general meeting in DOF ASA. Contact persons: CEO Mons Aase, tel. +47 91661012 CFO Hilde Drønen, tel. +47 91661009 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

DOF Subsea signs today a contract with Kværner to collaborate and deliver Marine Operations for Equinor`s Hywind Tampen Project. The contract shall be executed in a 50/50 partnership (joint venture) with Kværner. "Hywind Tampen will be the world's largest floating offshore wind farm and is vital for industrialising solutions and reducing costs for future offshore wind power projects. The deep-water floating renewables market is on the verge of commercialization, and therefore this contract has strategic importance to DOF Subsea" says Mons Aase, CEO in DOF Subsea. The Hywind Tampen project will be installed offshore Norway, west of the city Bergen and will supply electrical power to the nearby oil and gas platforms Gullfaks A, B, C and Snorre A and B. The combined effect from the 11 turbines will be 88 megawatts and will replace about 35 percent of the five platforms' energy demand. Today, the energy required to run these platforms is supplied by gas turbines. The project will reduce Norwegian CO 2 emissions with more than 200?000 tonnes per year, which is equivalent to the emissions from 100?000 cars. In addition, analysis confirm that the hulls made of concrete have a favourable CO 2 footprint compared to several other solutions. Hywind Tampen will also be leveraged to further reduce the CO 2 footprint in future projects. DOF Subsea and Kværner has entered into a 50/50 joint venture to deliver Hywind Tampen marine operations. The scope includes full project management, engineering, assembly site management, mooring system installation, units tow-to -field and installation of the floating wind turbine units at the Tampen area. Several state-of-the-art construction vessels will be deployed from DOF Subsea during project phases, including the 2011 built Skandi Skansen. The vessels, together with a competent onshore and offshore organisation, shall ensure a safe and efficient delivery of  Hywind Tampen marine operations project. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

Reference is made to the summons to a bondholders' meeting in DOFSUB07 (ISIN NO 001 0670144) issued on 22 October 2019. The bondholders' meeting was held today, and the proposed resolution was approved by 100% of the votes in cast at the bondholders' meeting. The bond agreement for DOFSUB07 will therefore be changed as set out in the summons. The minutes from the bondholders' meeting is attached. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

DOF Subsea is pleased to announce multiple contract awards from undisclosed clients in two important growing regions, Trinidad and US GoM. Skandi Neptune has been awarded a 3-year frame agreement for IMR and light construction services with a major operator in Trinidad. She will commence operation in Trinidad late November for the 1[st] offshore inspection campaign. The Group have also secured several shorter contracts in the GoM to support IMR, subsea installation and decommissioning operations, securing good utilisation in the 4[th] quarter for Harvey Deep Sea. Moreover, Geosea has been awarded a 21-day contract commencing in late November in the GoM. In a statement Mons Aase, CEO DOF Subsea, said, "This is important awards for us, securing good utilisation for our ships in the North America Region, in addition to creating a strong basis for future work in Trinidad and the GoM." For further information, please contact: Mons S. Aase, CEO, tel: +47 91 66 10 12 Hilde Drønen, CFO, tel: +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

DOF (UK) Limited has been awarded a contract for up to six months work for the Skandi Barra by an undisclosed client. Commencement is planned for late November 2019. DOF is further pleased to announce multiple vessel contract awards with major key Client in the Mediterranean Sea. The Group has secured utilisation of two large pipe carriers (PSVs) and one high specification AHTS for respectively a minimum 60 and 75 firm days plus options. The vessels will mobilise from other regions within primo December 2019. DOF ASA CEO, Mons S. Aase, said "DOF is delighted to further strengthen the relation with two of our key clients and to secure firm work during winter season." For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

DOF ASA has today entered into a share purchase agreement with FR Dolphin Lux Holding S.á.r.l., owner of 51,131,358 shares in DOF Subsea AS, and Dolphin Invest 2 AS, owner of 7,538,163 shares in DOF Subsea AS, both entities controlled by US based fund First Reserve, for purchase of the aggregate 58,669,521 shares (the "Shares") held by these two companies. The purchase price for the Shares, which comprise 35,057% of the total volume of shares of DOF Subsea AS, is NOK 20 mill. The acquisition is closely associated with the ongoing refinancing of DOF Subsea AS. Post acquisition, DOF ASA will be sole shareholder of DOF Subsea AS. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 With a multi-national workforce of about 3,500 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.