DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have entered into suspension agreements ("stand-still agreements") with are suspended until 30 June 2020 on certain customary terms and conditions. Such terms and conditions include customary restrictions on the Group in the relevant period. The agreements are entered into in order to facilitate the continued dialogue with the secured lenders and bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The suspension agreements comprise all companies within the Group except for Norskan AS and DOF Subsea Brasil Servicos Ltda. (the ""Excluded Entities""). The secured debt of Norskan Offshore Ltda. is subject to a separate negotiation. As regards certain secured lenders (other than the secured lenders of the Excluded Entities) who have not entered into the suspension agreements or provided a similar concession DOF ASA and DOF Subsea AS have decided to impose a unilateral stand still on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. Although no assurance can be given to this effect DOF ASA and DOF Subsea AS have not received any indications that the secured lenders in question will invoke the event of default-provisions in the relevant loan agreements as a result of such decision. 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 Jan Nore tel. +47 48 09 46 99 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 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act."
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