DOF ASA: NOTIFICATION OF LARGE SHAREHOLDING

Following the recent conversions of the subordinated convertible bond loan of DOF ASA to new shares in DOF ASA announced by DOF ASA on 20 December 2019, the ownership percentage of Møgster Mohn Offshore AS ("MMO") in DOF ASA has been diluted from 50.06% to 48.95%. The number of shares owned by MMO remains the same (150,638,643 shares) and the downwards passing of the threshold for notification of large shareholdings is hence a result of the mentioned conversions of bonds to equity. MMO has no rights to shares. MMO is majority owned by Laco AS, which is a related party to Helge Møgster, Chairman of DOF ASA and to Board Member Marianne Møgster. The above information is mandatory according to the Securities Trading Act section 4-3. 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.