DOF ASA: Petition for Reconstruction

Reference is made to DOF ASA's (the "Company" or "DOF" and together with its subsidiaries the "Group") previous announcements on 22 June 2022 and 13 October 2022 regarding the financial restructuring process DOF is in the current situation obliged to procure that the Reconstruction proceedings are opened. This is further substantiated by a letter from the creditors requesting Reconstruction to be opened promptly. The Board has also been in dialogue with the appointed advisor of the minority shareholders in order to provide the requested documentation. The Board has not received information which indicates that the minority shareholders have any viable alternative solution to the Restructuring. In preparation of the Reconstruction and in order to secure the continued operations in the rest of the Group irrespective of the outcome of the Restructuring in the Company the Company has transferred the majority of its business assets and contractual liabilities to its wholly owned subsidiary DOF Services AS. The employees of the Company have in accordance with the Restructuring Agreement been transferred to the Company’s wholly owned subsidiary DOF AS together with related third-party agreements necessary to operate the Group. The Group's operations are therefore expected to continue as normal both throughout the Reconstruction process and in the event of a subsequent bankruptcy in the Company. As previously communicated creditors and contract parties other than the financial creditors party to the Restructuring will not be affected by the Restructuring. In light of continuous speculations among the minority shareholders of DOF questioning the principle of equal treatment of all the shareholders of the Company and despite previous announcements confirming the same the Company see once more the need to reiterate that the Restructuring proposal that was presented to the EGM provided for equal treatment of all the shareholders of the Company. The main shareholder in DOF has also confirmed that there is no agreement or arrangement regarding preferential treatment of the main shareholder compared to other shareholders irrespective of how the Restructuring is implemented. For further information please contact: Chairman of the Board Hans Olav Lindal tel. + 47 958 39 562 This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Hilde Drønen CFO DOF ASA. With a multi-national workforce of about 3 800 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 40 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."